ON (NYSE:ONON) Downgraded to Neutral Rating by The Goldman Sachs Group

ON (NYSE:ONON) was downgraded by research analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $57.00 price objective on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 5.39% from the company’s previous close.

A number of other analysts have also weighed in on the stock. TD Cowen increased their price objective on shares of ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Morgan Stanley raised their target price on shares of ON from $62.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. UBS Group reaffirmed a “buy” rating and set a $63.00 target price on shares of ON in a research report on Friday, December 27th. Stifel Nicolaus raised their target price on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $64.00 target price on shares of ON in a research report on Wednesday, January 15th. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.73.

ON Price Performance

ON stock opened at $54.08 on Wednesday. ON has a 1-year low of $27.37 and a 1-year high of $64.05. The firm has a market capitalization of $34.05 billion, a P/E ratio of 125.78, a price-to-earnings-growth ratio of 1.20 and a beta of 2.30. The company’s 50-day moving average is $57.25 and its 200 day moving average is $51.38.

Institutional Investors Weigh In On ON

Institutional investors and hedge funds have recently made changes to their positions in the stock. Private Trust Co. NA purchased a new position in shares of ON during the third quarter worth $26,000. Blue Trust Inc. increased its holdings in ON by 319.8% in the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after buying an additional 403 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in ON in the third quarter valued at $29,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in ON by 210.5% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after buying an additional 400 shares in the last quarter. Finally, Legacy Bridge LLC purchased a new position in ON in the fourth quarter valued at $43,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Company Profile

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.