ON (NYSE:ONON) Cut to Sell at Zacks Investment Research

ON (NYSE:ONONGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “On Holding AG operates as a holding company. The Company, through its subsidiaries, provides footwear and sports apparel product includes ultralight and stretchable fabrics and accessories. On Holding AG is based in ZURICH. “

A number of other research analysts have also weighed in on the company. Telsey Advisory Group cut their price objective on ON from $53.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, March 16th. Berenberg Bank started coverage on ON in a research note on Tuesday, April 19th. They issued a “buy” rating and a $31.00 target price on the stock. UBS Group lowered their target price on ON from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, March 21st. Finally, Morgan Stanley lowered their target price on ON from $41.00 to $38.00 and set an “overweight” rating on the stock in a research note on Monday, March 21st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $38.82.

Shares of ONON stock opened at $24.11 on Thursday. The stock’s 50-day simple moving average is $24.52 and its 200-day simple moving average is $30.96. ON has a fifty-two week low of $19.75 and a fifty-two week high of $55.87.

ON (NYSE:ONONGet Rating) last announced its quarterly earnings data on Friday, March 18th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.61) by ($0.04). The firm had revenue of $207.32 million during the quarter, compared to analyst estimates of $195.28 million. Research analysts anticipate that ON will post -0.14 EPS for the current year.

A number of hedge funds have recently modified their holdings of ONON. New York State Common Retirement Fund purchased a new position in ON during the third quarter worth approximately $286,000. Cambridge Investment Research Advisors Inc. purchased a new position in ON during the third quarter worth approximately $858,000. Retirement Systems of Alabama purchased a new position in ON during the third quarter worth approximately $753,000. Deutsche Bank AG purchased a new position in shares of ON in the third quarter valued at approximately $221,000. Finally, Advisor Group Holdings Inc. purchased a new position in shares of ON in the third quarter valued at approximately $73,000. Institutional investors own 17.61% of the company’s stock.

About ON (Get Rating)

On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.

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