ON (NYSE:ONON) Upgraded to Buy at HSBC

ON (NYSE:ONON) was upgraded by investment analysts at HSBC from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday,Finviz reports. The firm currently has a $58.00 target price on the stock. HSBC’s price objective indicates a potential upside of 31.28% from the stock’s previous close.

Several other analysts have also recently commented on the company. The Goldman Sachs Group cut ON from a “buy” rating to a “neutral” rating and set a $57.00 target price for the company. in a research report on Wednesday, February 12th. BTIG Research upgraded shares of ON from a “neutral” rating to a “buy” rating and set a $64.00 price target for the company in a report on Wednesday, November 13th. Barclays increased their target price on shares of ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 5th. Citigroup began coverage on shares of ON in a report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price target on the stock. Finally, Truist Financial increased their price objective on ON from $58.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.90.

ON Price Performance

ON stock opened at $44.18 on Tuesday. The company has a market cap of $27.82 billion, a P/E ratio of 102.75, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35. ON has a fifty-two week low of $27.37 and a fifty-two week high of $64.05. The firm’s 50 day simple moving average is $54.90 and its 200-day simple moving average is $52.65.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Park Square Financial Group LLC acquired a new stake in ON in the fourth quarter valued at $32,000. Azzad Asset Management Inc. ADV lifted its holdings in shares of ON by 0.4% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 146,393 shares of the company’s stock worth $8,018,000 after buying an additional 608 shares in the last quarter. Bernard Wealth Management Corp. bought a new stake in shares of ON in the fourth quarter valued at about $44,000. B. Riley Wealth Advisors Inc. increased its position in ON by 9.8% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 8,105 shares of the company’s stock worth $444,000 after acquiring an additional 726 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in ON in the 4th quarter valued at about $425,000. 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.