TD Cowen Has Lowered Expectations for ON (NYSE:ONON) Stock Price

Key Points

• TD Cowen has reduced the target price for ON (NYSE:ONON) from $63.00 to $55.00, while maintaining a "buy" rating, indicating a potential upside of 28.00% from the current price.
• Other analysts have varied ratings for ONON, with some firms like UBS Group increasing their price target to $79.00 while Weiss Ratings maintains a "sell (d+)" rating.
• The stock's current market performance shows a price-to-earnings ratio of 95.49 and a 52-week trading range between $34.59 and $64.05.

ON (NYSE:ONON - Get Free Report) had its target price lowered by investment analysts at TD Cowen from $63.00 to $55.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's price objective indicates a potential upside of 28.00% from the stock's current price.

ONON has been the subject of a number of other reports. Weiss Ratings restated a "sell (d+)" rating on shares of ON in a report on Wednesday, October 8th. UBS Group boosted their price objective on shares of ON from $75.00 to $79.00 and gave the company a "buy" rating in a research note on Wednesday, August 13th. Jefferies Financial Group set a $40.00 target price on ON and gave the company an "underperform" rating in a report on Wednesday, August 13th. Raymond James Financial lowered shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target on the stock. in a report on Tuesday, July 22nd. Finally, Barclays boosted their price objective on shares of ON from $68.00 to $69.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.65.

ON Price Performance

ONON stock opened at $42.97 on Tuesday. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of 95.49, a price-to-earnings-growth ratio of 5.20 and a beta of 2.19. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31. ON has a 52-week low of $34.59 and a 52-week high of $64.05. The stock's fifty day simple moving average is $44.52 and its 200-day simple moving average is $48.71.

Institutional Investors Weigh In On ON

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Washington Trust Advisors Inc. bought a new position in shares of ON during the second quarter worth about $29,000. TCTC Holdings LLC raised its stake in ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock valued at $26,000 after buying an additional 315 shares in the last quarter. Montag A & Associates Inc. bought a new position in ON during the 1st quarter worth approximately $26,000. Smartleaf Asset Management LLC grew its position in shares of ON by 3,392.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 943 shares of the company's stock worth $42,000 after acquiring an additional 916 shares in the last quarter. Finally, Ramirez Asset Management Inc. bought a new stake in shares of ON in the 1st quarter valued at approximately $44,000. Institutional investors 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.

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