ON (NYSE:ONON) Stock Price Expected to Rise, KeyCorp Analyst Says

ON (NYSE:ONON - Free Report) had its price objective boosted by KeyCorp from $60.00 to $68.00 in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms have also commented on ONON. Telsey Advisory Group reissued an "outperform" rating and issued a $65.00 price target on shares of ON in a research report on Tuesday, May 13th. Needham & Company LLC raised their target price on ON from $55.00 to $62.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Stifel Nicolaus cut their price objective on shares of ON from $66.00 to $57.00 and set a "buy" rating for the company in a report on Thursday, April 10th. HSBC raised shares of ON from a "hold" rating to a "buy" rating and set a $58.00 price target for the company in a report on Tuesday, March 11th. Finally, UBS Group upped their target price on ON from $56.00 to $59.00 and gave the stock a "buy" rating in a research note on Monday, April 28th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ON has an average rating of "Buy" and a consensus target price of $62.45.

ON Price Performance

Shares of ON stock traded up $0.26 on Wednesday, hitting $60.16. 2,050,079 shares of the company's stock traded hands, compared to its average volume of 4,617,166. The company has a fifty day moving average of $46.16 and a two-hundred day moving average of $51.75. ON has a one year low of $34.59 and a one year high of $64.05. The company has a market capitalization of $37.88 billion, a price-to-earnings ratio of 140.10, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30.

Hedge Funds Weigh In On ON

Large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in shares of ON during the fourth quarter valued at approximately $164,574,000. Jennison Associates LLC lifted its stake in shares of ON by 136.6% in the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock valued at $212,943,000 after purchasing an additional 2,798,794 shares during the last quarter. Alliancebernstein L.P. boosted its stake in ON by 13.9% during the first quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company's stock worth $869,388,000 after buying an additional 2,416,534 shares during the period. Nuveen LLC acquired a new stake in ON in the 1st quarter valued at approximately $102,850,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of ON during the fourth quarter worth about $78,799,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.