ON (NYSE:ONON) Rating Lowered to Neutral at The Goldman Sachs Group

ON (NYSE:ONON) was downgraded by stock analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report issued on Wednesday, MarketBeat.com reports. They presently have a $57.00 price target on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 9.34% from the stock’s current price.

Several other equities research analysts have also recently commented on the stock. Bank of America initiated coverage on shares of ON in a research report on Tuesday, January 7th. They issued a “buy” rating and a $73.00 target price for the company. Truist Financial raised their price objective on shares of ON from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Raymond James upgraded ON from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $58.00 to $63.00 in a report on Thursday, November 21st. Barclays raised their target price on ON from $47.00 to $63.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, TD Cowen upped 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. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.73.

ON Stock Down 3.5 %

Shares of ON stock opened at $52.13 on Wednesday. The business has a 50 day moving average of $57.15 and a 200 day moving average of $51.40. ON has a 52 week low of $27.37 and a 52 week high of $64.05. The company has a market cap of $32.82 billion, a PE ratio of 121.23, a P/E/G ratio of 1.20 and a beta of 2.30.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC raised its position in ON by 1.6% in the 4th quarter. FMR LLC now owns 28,875,965 shares of the company’s stock worth $1,581,537,000 after buying an additional 462,738 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of ON by 2.8% during the fourth quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after purchasing an additional 471,805 shares during the last quarter. Norges Bank purchased a new position in shares of ON during the fourth quarter valued at approximately $164,574,000. Jennison Associates LLC lifted its position in ON by 27.4% during the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock valued at $112,259,000 after purchasing an additional 440,685 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in ON in the fourth quarter worth approximately $78,799,000. 36.39% of the stock is 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.