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

The Goldman Sachs Group cut shares of ON (NYSE:ONON) from a buy rating to a neutral rating in a research report released on Wednesday, MarketBeat Ratings reports. The Goldman Sachs Group currently has $57.00 target price on the stock.

ONON has been the topic of a number of other research reports. Citigroup initiated coverage on ON in a report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 target price on the stock. TD Cowen lifted their price objective on ON from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. UBS Group reissued a “buy” rating and set a $63.00 target price on shares of ON in a research report on Friday, December 27th. Williams Trading upgraded shares of ON from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $60.00 in a report on Wednesday, November 13th. Finally, Stifel Nicolaus boosted their price objective on shares of ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.73.

ON Stock Up 0.2 %

NYSE:ONON opened at $54.09 on Wednesday. ON has a fifty-two week low of $27.37 and a fifty-two week high of $64.05. The firm’s 50 day moving average is $57.15 and its two-hundred day moving average is $51.40. The company has a market cap of $34.06 billion, a P/E ratio of 125.79, a P/E/G ratio of 1.20 and a beta of 2.30.

Institutional Trading of ON

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Alliancebernstein L.P. raised its stake in 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 buying an additional 471,805 shares in the last quarter. Norges Bank bought a new stake in ON during the fourth quarter valued at $164,574,000. Jennison Associates LLC raised its holdings in shares of ON by 27.4% during the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock worth $112,259,000 after purchasing an additional 440,685 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of ON during the fourth quarter worth $78,799,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of ON by 34.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock worth $76,213,000 after buying an additional 349,789 shares during the last quarter. Institutional investors own 36.39% of the company’s stock.

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.