ON (NYSE:ONON) Lowered to hold at Zacks Investment Research

ON (NYSE:ONON – Get a rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note published on Friday, Zacks.com reports.

According to Zacks, “On Holding AG operates as a holding company. The company, through its subsidiaries, provides athletic footwear and apparel, including ultralight and stretchy fabrics and accessories. On Holding AG is based in ZURICH . “

ONON has been the subject of several other research reports. Credit Suisse Group lowered its price target on ON shares to $34.00 and set an “outperform” rating for the company in a Wednesday, May 18 research report. Telsey Advisory Group lowered its price target on ON shares from $53.00 to $39.00 and set an “outperform” rating for the company in a Wednesday, March 16 research report. UBS Group cut its price target on ON shares from $55.00 to $50.00 and set a “buy” rating for the company in a Monday, March 21 report. Morgan Stanley cut its price target on ON shares from $41.00 to $38.00 and set an “overweight” rating for the company in a report released Monday, March 21. Finally, Bank of America began covering ON shares in a Monday, May 9 report. They set an “underperforming” rating and a target price of $16.00 for the company. Two analysts rated the stock with a sell rating, five gave the company a hold rating and eight gave the company a buy rating. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $33.92.

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NYSE ONON shares opened at $20.73 on Friday. The company’s 50-day simple moving average is $22.66 and its 200-day simple moving average is $27.76. ON has a fifty-two week minimum of $16.38 and a fifty-two week maximum of $55.87.

ON (NYSE:ONON – Get a rating) last reported quarterly earnings data on Tuesday, May 17. The company reported earnings per share of $0.04 for the quarter, beating the consensus estimate of ($0.14) by $0.18. The company posted revenue of $235.70 million in the quarter, versus analyst estimates of $170.83 million. The company’s quarterly revenue increased by 67.9% compared to the same quarter last year. Research analysts predict that ON will post 0.03 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Holdings Inc. increased its stake in ON shares by 24.0% during the 4th quarter. Advisor Group Holdings Inc. now owns 2,988 shares of the company worth $114,000 after purchasing an additional 579 shares in the last quarter. IFP Advisors Inc increased its position in ON by 61.9% during the fourth quarter. IFP Advisors Inc now owns 1,850 shares of the company worth $69,000 after acquiring an additional 707 shares during the period. Citigroup Inc. increased its position in ON by 55.0% during the fourth quarter. Citigroup Inc. now owns 2,783 shares of the company worth $105,000 after acquiring 988 additional shares during the period. Cubist Systematic Strategies LLC purchased a new position in ON during the third quarter worth approximately $36,000. Finally, Titleist Asset Management LTD. increased its position in ON by 8.3% during the first quarter. Titleist Asset Management LTD. now owns 16,714 shares of the company worth $422,000 after acquiring an additional 1,282 shares during the period. Institutional investors hold 18.45% of the company’s shares.

Company Profile ON (Get a rating)

On Holding AG develops and distributes sports products worldwide. It offers shoes, clothing and sports accessories. The Company offers its products through independent retailers and distributors, online and in stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.

See also

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Analyst Recommendations for ON (NYSE:ONON)

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