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

Zacks Research cut shares of ON (NYSE:ONON) from a strong-buy rating to a hold rating in a report published on Wednesday morning,Zacks.com reports.

Several other research analysts have also issued reports on ONON. Singular Research upgraded shares of ON to a “strong-buy” rating in a research report on Monday, November 17th. Piper Sandler reaffirmed an “overweight” rating on shares of ON in a research note on Friday, December 5th. Needham & Company LLC reiterated a “buy” rating and issued a $52.00 price objective on shares of ON in a report on Thursday, February 26th. JPMorgan Chase & Co. increased their price objective on ON from $71.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, November 13th. Finally, Truist Financial decreased their price objective on ON from $65.00 to $55.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.48.

ON Price Performance

Shares of NYSE:ONON opened at $37.97 on Wednesday. The company’s fifty day moving average price is $45.33 and its 200-day moving average price is $44.18. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.71 and a quick ratio of 2.13. The firm has a market capitalization of $23.84 billion, a price-to-earnings ratio of 52.74, a PEG ratio of 0.74 and a beta of 2.14. ON has a one year low of $34.38 and a one year high of $61.29.

Hedge Funds Weigh In On ON

A number of hedge funds and other institutional investors have recently made changes to their positions in ONON. Jacobi Capital Management LLC boosted its holdings in ON by 3.6% in the fourth quarter. Jacobi Capital Management LLC now owns 6,875 shares of the company’s stock valued at $320,000 after acquiring an additional 240 shares in the last quarter. Lido Advisors LLC raised its holdings in ON by 1.2% in the 2nd quarter. Lido Advisors LLC now owns 23,754 shares of the company’s stock worth $1,236,000 after purchasing an additional 285 shares in the last quarter. Parallel Advisors LLC raised its holdings in ON by 2.8% in the 4th quarter. Parallel Advisors LLC now owns 10,455 shares of the company’s stock worth $486,000 after purchasing an additional 285 shares in the last quarter. J.W. Cole Advisors Inc. lifted its position in shares of ON by 2.4% in the 4th quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company’s stock worth $571,000 after purchasing an additional 285 shares during the period. Finally, Parsons Capital Management Inc. RI boosted its stake in shares of ON by 4.3% during the 3rd quarter. Parsons Capital Management Inc. RI now owns 7,238 shares of the company’s stock valued at $307,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 36.39% of the company’s stock.

About ON

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.