Morgan Stanley Raises ON (NYSE:ONON) Price Target to $65.00

ON (NYSE:ONON) had its price target raised by investment analysts at Morgan Stanley from $62.00 to $65.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 8.74% from the stock’s previous close.

A number of other analysts have also recently weighed in on ONON. BTIG Research raised ON from a “neutral” rating to a “buy” rating and set a $64.00 price objective for the company in a research report on Wednesday, November 13th. KeyCorp lifted their price objective on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Telsey Advisory Group restated an “outperform” rating and set a $67.00 price objective on shares of ON in a research report on Wednesday, January 15th. Citigroup started coverage on shares of ON in a report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 target price on the stock. Finally, Bank of America initiated coverage on shares of ON in a report on Tuesday, January 7th. They set a “buy” rating and a $73.00 price target for the company. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, ON currently has an average rating of “Moderate Buy” and a consensus target price of $59.36.

ON Stock Up 3.1 %

ONON traded up $1.80 during trading on Tuesday, hitting $59.78. 1,533,388 shares of the stock were exchanged, compared to its average volume of 2,741,522. The firm has a market capitalization of $37.64 billion, a P/E ratio of 139.04, a PEG ratio of 1.19 and a beta of 2.30. ON has a 1-year low of $26.03 and a 1-year high of $60.12. The stock has a fifty day moving average price of $56.11 and a two-hundred day moving average price of $49.06.

Hedge Funds Weigh In On ON

Several large investors have recently made changes to their positions in ONON. Private Trust Co. NA bought a new position in ON during the third quarter worth $26,000. Blue Trust Inc. raised its position in shares of ON by 319.8% during 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 during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in shares of 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 during the period. MidAtlantic Capital Management Inc. acquired a new stake in ON during the third quarter worth about $29,000. Finally, Quarry LP acquired a new stake in ON during the second quarter worth about $32,000. Institutional investors and hedge funds 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.