ON (NYSE:ONON) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of ON (NYSE:ONON) from a hold rating to a strong sell rating in a research note issued to investors on Monday,Zacks.com reports.

ONON has been the subject of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $62.00 target price on shares of ON in a research note on Tuesday, August 12th. UBS Group upped their price target on shares of ON from $75.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, August 13th. Raymond James Financial cut shares of ON from a “strong-buy” rating to an “outperform” rating and set a $66.00 price objective on the stock. in a research note on Tuesday, July 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of ON in a report on Wednesday, October 8th. Finally, Jefferies Financial Group set a $40.00 target price on shares of ON and gave the stock an “underperform” rating in a report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $63.65.

ON Stock Performance

Shares of NYSE ONON opened at $41.54 on Monday. ON has a 1 year low of $34.59 and a 1 year high of $64.05. The firm has a market cap of $26.16 billion, a P/E ratio of 92.32, a PEG ratio of 5.24 and a beta of 2.19. The stock has a fifty day moving average price of $44.32 and a two-hundred day moving average price of $48.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53.

Hedge Funds Weigh In On ON

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. grew its position in ON by 13.9% during the 1st quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company’s stock worth $869,388,000 after purchasing an additional 2,416,534 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of ON by 136.6% during the first quarter. Jennison Associates LLC now owns 4,848,438 shares of the company’s stock valued at $212,943,000 after buying an additional 2,798,794 shares in the last quarter. Winslow Capital Management LLC acquired a new position in ON during the second quarter valued at $248,113,000. Sands Capital Management LLC purchased a new stake in ON in the 2nd quarter worth about $240,177,000. Finally, Bamco Inc. NY boosted its position in ON by 3.3% during the 2nd quarter. Bamco Inc. NY now owns 4,139,974 shares of the company’s stock worth $215,486,000 after acquiring an additional 132,756 shares during the period. Institutional investors and hedge funds 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.