ON (NYSE:ONON) Cut to "Strong Sell" at Zacks Research

Key Points

• ON (NYSE:ONON) has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research, indicating a significantly negative outlook for the stock.
• Multiple analysts have recently adjusted their price targets for ON, with a range from a low of $40.00 to a high of $79.00, reflecting differing views on the stock's potential.
• Institutional ownership of ONON is substantial, with 36.39% of shares held by hedge funds and other institutional investors, showing continued interest in the company despite downgrades.

ON (NYSE:ONON - Get Free Report) was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Monday,Zacks.com reports.

ONON has been the topic of several other reports. Raymond James Financial lowered ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target on the stock. in a research note on Tuesday, July 22nd. Barclays boosted their price target on ON from $68.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. UBS Group boosted their price objective on ON from $75.00 to $79.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. TD Cowen decreased their price objective on ON from $63.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday. Finally, Jefferies Financial Group set a $40.00 price objective on ON and gave the company an "underperform" rating in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, ON has an average rating of "Moderate Buy" and an average target price of $63.65.

ON Price Performance

Shares of ONON opened at $42.20 on Monday. ON has a 52-week low of $34.59 and a 52-week high of $64.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. The business's 50 day moving average price is $44.42 and its two-hundred day moving average price is $48.66. The firm has a market cap of $26.57 billion, a PE ratio of 93.79, a price-to-earnings-growth ratio of 5.34 and a beta of 2.19.

Institutional Investors Weigh In On ON

A number of institutional investors and hedge funds have recently bought and sold shares of ONON. Bison Wealth LLC raised its position in ON by 35.7% in the 4th quarter. Bison Wealth LLC now owns 9,291 shares of the company's stock valued at $509,000 after buying an additional 2,442 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in ON by 241.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 63,930 shares of the company's stock valued at $2,808,000 after buying an additional 45,223 shares during the last quarter. Analyst IMS Investment Management Services Ltd. raised its position in ON by 37.8% in the 1st quarter. Analyst IMS Investment Management Services Ltd. now owns 49,120 shares of the company's stock valued at $2,157,000 after buying an additional 13,480 shares during the last quarter. Sterling Investment Counsel LLC raised its position in ON by 19.1% in the 1st quarter. Sterling Investment Counsel LLC now owns 5,450 shares of the company's stock valued at $239,000 after buying an additional 875 shares during the last quarter. Finally, Congress Park Capital LLC raised its position in ON by 13.5% in the 1st quarter. Congress Park Capital LLC now owns 30,120 shares of the company's stock valued at $1,323,000 after buying an additional 3,593 shares during the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Company Profile

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.

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