ON (NYSE:ONON) Stock Rating Lowered by Zacks Research

ON (NYSE:ONON) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Morgan Stanley upped their price target on shares of ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. JPMorgan Chase & Co. boosted their price objective on shares of ON from $71.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, November 13th. Williams Trading downgraded ON from a “buy” rating to a “hold” rating and reduced their target price for the company from $55.00 to $47.00 in a report on Thursday, January 8th. Sanford C. Bernstein reiterated an “outperform” rating on shares of ON in a research note on Wednesday, March 4th. Finally, Barclays lowered their price target on ON from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Wednesday, March 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $59.48.

ON Trading Down 4.0%

Shares of ON stock opened at $37.87 on Wednesday. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. ON has a 12-month low of $34.38 and a 12-month high of $61.29. The company has a market capitalization of $23.78 billion, a price-to-earnings ratio of 52.60, a PEG ratio of 0.76 and a beta of 2.14. The firm’s 50-day moving average price is $45.51 and its two-hundred day moving average price is $44.23.

Institutional Trading of ON

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in ON in the 2nd quarter worth about $138,641,000. Great Point Wealth Advisors LLC bought a new position in ON in the third quarter valued at about $1,607,000. Geode Capital Management LLC acquired a new stake in shares of ON during the second quarter valued at about $70,152,000. Lecap Asset Management Ltd. bought a new stake in shares of ON during the third quarter worth about $1,473,000. Finally, Winslow Capital Management LLC bought a new stake in shares of ON during the second quarter worth about $248,113,000. Institutional investors own 36.39% of the company’s stock.

ON Company Profile

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.