ON (NYSE:ONON) Downgraded to “Sell” at Zacks Investment Research

ON (NYSE:ONONGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “On Holding AG operates as a holding company. The Company, through its subsidiaries, provides footwear and sports apparel product includes ultralight and stretchable fabrics and accessories. On Holding AG is based in ZURICH. “

ONON has been the subject of several other research reports. Telsey Advisory Group dropped their price objective on shares of ON from $53.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, March 16th. UBS Group dropped their price objective on shares of ON from $55.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 21st. Finally, Morgan Stanley dropped their price objective on shares of ON from $41.00 to $38.00 and set an “overweight” rating for the company in a report on Monday, March 21st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $39.60.

Shares of NYSE:ONON opened at $24.82 on Friday. ON has a 1 year low of $19.75 and a 1 year high of $55.87. The firm has a fifty day moving average price of $24.98 and a 200 day moving average price of $31.23.

ON (NYSE:ONONGet Rating) last released its earnings results on Friday, March 18th. The company reported ($0.65) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.61) by ($0.04). The company had revenue of $207.32 million for the quarter, compared to analyst estimates of $195.28 million. As a group, equities analysts anticipate that ON will post -0.14 EPS for the current year.

A number of hedge funds have recently made changes to their positions in the business. Cubist Systematic Strategies LLC bought a new position in shares of ON during the third quarter worth $36,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of ON during the third quarter worth $52,000. Citigroup Inc. acquired a new stake in shares of ON during the third quarter worth $54,000. IFP Advisors Inc raised its holdings in shares of ON by 61.9% during the fourth quarter. IFP Advisors Inc now owns 1,850 shares of the company’s stock worth $69,000 after acquiring an additional 707 shares during the period. Finally, Advisor Group Holdings Inc. acquired a new stake in shares of ON during the third quarter worth $73,000. 17.61% of the stock is currently owned by hedge funds and other institutional investors.

About ON (Get Rating)

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

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