ON (NYSE:ONON) Downgraded by Zacks Research to “Hold”

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

Other analysts have also recently issued reports about the stock. KeyCorp reaffirmed an “overweight” rating on shares of ON in a report on Wednesday, March 4th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of ON in a research note on Wednesday, March 4th. Jefferies Financial Group reaffirmed an “underperform” rating and set a $31.00 price target on shares of ON in a research note on Wednesday, November 12th. Needham & Company LLC restated a “buy” rating and issued a $52.00 target price on shares of ON in a research report on Thursday, February 26th. Finally, Truist Financial dropped their price objective on ON from $65.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.48.

ON Price Performance

ONON stock opened at $37.87 on Wednesday. ON has a 12 month low of $34.38 and a 12 month high of $61.29. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $23.78 billion, a P/E ratio of 52.60, a price-to-earnings-growth ratio of 0.76 and a beta of 2.14. The firm has a 50 day moving average of $45.51 and a 200-day moving average of $44.23.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bison Wealth LLC raised its stake in shares of ON by 35.7% during the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock worth $509,000 after buying an additional 2,442 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of ON by 773.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 345,428 shares of the company’s stock worth $17,980,000 after acquiring an additional 305,894 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in ON in the second quarter valued at approximately $933,000. Campbell & CO Investment Adviser LLC acquired a new stake in shares of ON in the 2nd quarter worth about $278,000. Finally, Geode Capital Management LLC bought a new stake in ON during the second quarter valued at approximately $70,152,000. Hedge funds and other 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.