Raymond James Financial Downgrades ON (NYSE:ONON) to Outperform

ON (NYSE:ONON - Get Free Report) was downgraded by investment analysts at Raymond James Financial from a "strong-buy" rating to an "outperform" rating in a research note issued to investors on Tuesday, Marketbeat reports. They currently have a $66.00 target price on the stock. Raymond James Financial's target price points to a potential upside of 29.86% from the stock's previous close.

Several other equities analysts have also commented on the stock. Cowen reaffirmed a "buy" rating on shares of ON in a research report on Wednesday, May 14th. Telsey Advisory Group reissued an "outperform" rating and set a $65.00 target price on shares of ON in a research report on Tuesday, May 13th. UBS Group set a $75.00 price objective on shares of ON in a research report on Wednesday, May 14th. Evercore ISI increased their price objective on shares of ON from $60.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, May 14th. Finally, Jefferies Financial Group assumed coverage on shares of ON in a report on Tuesday, April 1st. They set a "hold" rating and a $44.00 price objective for the company. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $64.00.

ON Stock Performance

ON stock traded down $2.39 during mid-day trading on Tuesday, reaching $50.83. 4,500,567 shares of the company were exchanged, compared to its average volume of 4,613,446. The firm has a market cap of $32.00 billion, a PE ratio of 72.63, a price-to-earnings-growth ratio of 2.98 and a beta of 2.25. ON has a twelve month low of $34.59 and a twelve month high of $64.05. The firm's 50-day simple moving average is $55.40 and its two-hundred day simple moving average is $51.79. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Natixis Advisors LLC acquired a new stake in ON during the fourth quarter worth about $926,000. TD Private Client Wealth LLC lifted its holdings in ON by 18.3% during the 4th quarter. TD Private Client Wealth LLC now owns 7,084 shares of the company's stock worth $388,000 after buying an additional 1,094 shares during the period. Sei Investments Co. lifted its stake in shares of ON by 78.0% in the fourth quarter. Sei Investments Co. now owns 490,503 shares of the company's stock worth $26,865,000 after acquiring an additional 214,909 shares during the period. LPL Financial LLC lifted its stake in shares of ON by 3.8% in the fourth quarter. LPL Financial LLC now owns 441,922 shares of the company's stock worth $24,204,000 after acquiring an additional 16,129 shares during the period. Finally, Keystone Investors PTE Ltd. lifted its position in shares of ON by 0.8% in the 4th quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company's stock worth $1,639,000 after purchasing an additional 228 shares during the period. 36.39% of the stock is currently owned by 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.