ON (NYSE:ONON) Given New $59.00 Price Target at UBS Group

ON (NYSE:ONON) had its target price increased by UBS Group from $56.00 to $59.00 in a research report released on Monday morning, MarketBeat reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently weighed in on the company. TD Cowen increased their price target on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Piper Sandler cut their price target on ON from $62.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, April 11th. HSBC raised ON from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Tuesday, March 11th. Hsbc Global Res raised ON from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Finally, Williams Trading increased their price objective on ON from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $59.14.

ON Stock Performance

ONON stock opened at $46.58 on Monday. The company has a market capitalization of $29.33 billion, a price-to-earnings ratio of 108.33, a PEG ratio of 1.02 and a beta of 2.32. ON has a fifty-two week low of $29.84 and a fifty-two week high of $64.05. The stock has a fifty day moving average of $45.26 and a 200-day moving average of $51.47.

Institutional Investors Weigh In On ON

A number of hedge funds have recently made changes to their positions in ONON. Norges Bank bought a new stake in shares of ON in the 4th quarter worth approximately $164,574,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of ON in the 4th quarter worth about $78,799,000. Axiom Investors LLC DE purchased a new stake in shares of ON in the 4th quarter worth about $39,320,000. BNP Paribas Financial Markets purchased a new stake in shares of ON in the 4th quarter worth about $39,119,000. Finally, Raymond James Financial Inc. purchased a new stake in ON during the 4th quarter valued at about $28,575,000. 36.39% of the stock is currently owned by 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.