Jefferies Financial Group Reaffirms Underperform Rating for ON (NYSE:ONON)

Key Points

• Jefferies Financial Group downgraded ON (NYSE:ONON) from a "hold" to a "moderate sell" rating on Wednesday, reflecting a shift in market sentiment.
• Despite the downgrade, analysts maintain a generally positive outlook, with 19 buy ratings and a consensus target price of $64.20 among various brokerages.
• The stock has seen volatility, trading down 3.3% recently, with a twelve-month price range between $34.59 and $64.05.

ON (NYSE:ONON - Get Free Report)'s stock had its "underperform" rating reaffirmed by investment analysts at Jefferies Financial Group in a report issued on Wednesday, MarketBeat.com reports. They currently have a $40.00 price objective on the stock, down from their previous price objective of $50.00. Jefferies Financial Group's price objective points to a potential downside of 17.00% from the company's previous close.

ONON has been the topic of a number of other reports. UBS Group set a $79.00 price objective on ON and gave the company a "buy" rating in a research report on Wednesday. KeyCorp increased their price objective on ON from $60.00 to $68.00 and gave the company an "overweight" rating in a research report on Wednesday, May 14th. Stifel Nicolaus increased their price objective on ON from $57.00 to $66.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Telsey Advisory Group reiterated an "outperform" rating and issued a $65.00 price objective on shares of ON in a research report on Thursday, August 7th. Finally, Truist Financial increased their price target on ON from $61.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, May 14th. One analyst has rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $64.20.

ON Stock Down 3.3%

Shares of ONON opened at $48.19 on Wednesday. The firm has a market capitalization of $30.34 billion, a price-to-earnings ratio of 107.09, a PEG ratio of 2.84 and a beta of 2.24. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80. The business's fifty day moving average price is $51.92 and its two-hundred day moving average price is $50.87. ON has a 52 week low of $34.59 and a 52 week high of $64.05.

Institutional Trading of ON

Hedge funds have recently added to or reduced their stakes in the business. Montag A & Associates Inc. bought a new position in ON during the 1st quarter worth about $26,000. TCTC Holdings LLC increased its holdings in ON by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company's stock worth $26,000 after purchasing an additional 315 shares in the last quarter. Washington Trust Advisors Inc. bought a new position in ON during the 2nd quarter worth about $29,000. Park Square Financial Group LLC bought a new position in ON during the 4th quarter worth about $32,000. Finally, MassMutual Private Wealth & Trust FSB bought a new position in ON during the 1st quarter worth about $32,000. Institutional investors and hedge funds own 36.39% of the company's stock.

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.