ON’s (ONON) “Outperform” Rating Reiterated at Telsey Advisory Group

ON (NYSE:ONON)‘s stock had its “outperform” rating reissued by analysts at Telsey Advisory Group in a report released on Tuesday,Benzinga reports. They currently have a $67.00 price target on the stock. Telsey Advisory Group’s price target would suggest a potential upside of 34.48% from the stock’s previous close.

Several other brokerages have also issued reports on ONON. Stifel Nicolaus lifted their target price on shares of ON from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. TD Cowen lifted their target price on shares of ON from $65.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Citigroup initiated coverage on shares of ON in a research report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $64.00 target price on shares of ON in a research report on Wednesday, January 15th. Finally, UBS Group reiterated a “buy” rating and set a $63.00 target price on shares of ON in a research report on Friday, December 27th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $59.73.

ON Stock Up 2.9 %

Shares of NYSE ONON opened at $49.82 on Tuesday. ON has a twelve month low of $27.37 and a twelve month high of $64.05. The firm has a market capitalization of $31.37 billion, a P/E ratio of 115.87, a P/E/G ratio of 1.02 and a beta of 2.30. The stock’s 50-day simple moving average is $55.92 and its two-hundred day simple moving average is $52.23.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. FMR LLC increased its stake in shares of ON by 1.6% in the fourth quarter. FMR LLC now owns 28,875,965 shares of the company’s stock worth $1,581,537,000 after buying an additional 462,738 shares during the period. Alliancebernstein L.P. boosted its holdings in ON by 2.8% in the fourth quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after acquiring an additional 471,805 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in ON by 0.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company’s stock valued at $184,109,000 after acquiring an additional 18,752 shares in the last quarter. Norges Bank bought a new stake in ON in the fourth quarter valued at $164,574,000. Finally, Jennison Associates LLC boosted its holdings in ON by 27.4% in the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock valued at $112,259,000 after acquiring an additional 440,685 shares in the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

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, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.