ON (NYSE:ONON) Sets New 12-Month High on Analyst Upgrade

On Holding AG (NYSE:ONON) shares reached a new 52-week high during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $62.00 to $65.00. Morgan Stanley currently has an overweight rating on the stock. ON traded as high as $60.60 and last traded at $60.00, with a volume of 2217813 shares traded. The stock had previously closed at $57.98.

Several other equities research analysts have also commented on the company. BTIG Research upgraded ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a research note on Wednesday, November 13th. TD Cowen boosted their price objective on ON from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Barclays upped their price target on shares of ON from $47.00 to $63.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Truist Financial increased their price target on ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Piper Sandler upped their price objective on ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ON presently has a consensus rating of “Moderate Buy” and an average target price of $59.36.

Hedge Funds Weigh In On ON

Several institutional investors and hedge funds have recently bought and sold shares of ONON. Envestnet Asset Management Inc. increased its stake in ON by 66.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 222,955 shares of the company’s stock valued at $8,651,000 after purchasing an additional 88,656 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in ON by 27.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,317 shares of the company’s stock worth $273,000 after acquiring an additional 1,581 shares during the period. Hsbc Holdings PLC increased its holdings in shares of ON by 183.6% in the second quarter. Hsbc Holdings PLC now owns 71,944 shares of the company’s stock valued at $2,822,000 after purchasing an additional 46,576 shares during the period. Sei Investments Co. lifted its holdings in shares of ON by 3.6% during the second quarter. Sei Investments Co. now owns 544,144 shares of the company’s stock worth $21,113,000 after purchasing an additional 18,666 shares during the period. Finally, 1832 Asset Management L.P. increased its holdings in ON by 66,838.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock worth $93,500,000 after buying an additional 2,406,200 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Trading Up 3.5 %

The company has a market capitalization of $37.79 billion, a PE ratio of 139.68, a price-to-earnings-growth ratio of 1.19 and a beta of 2.30. The business’s 50-day simple moving average is $56.11 and its 200-day simple moving average is $49.06.

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, 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.