ON (NYSE:ONON) Stock Rating Upgraded by BMO Capital Markets

ON (NYSE:ONON) was upgraded by investment analysts at BMO Capital Markets to a “hold” rating in a research note issued on Tuesday, Zacks reports.

Several other research analysts have also weighed in on ONON. KeyCorp reiterated an “overweight” rating on shares of ON in a research note on Monday, August 10th. William Blair lowered shares of ON from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. Williams Trading set a $32.00 price target on shares of ON in a report on Tuesday, August 11th. Guggenheim reaffirmed a “buy” rating and issued a $51.00 price target on shares of ON in a research note on Wednesday, May 13th. Finally, Bank of America reiterated a “buy” rating on shares of ON in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.43.

ON Trading Down 0.0%

Shares of NYSE ONON opened at $26.83 on Tuesday. ON has a one year low of $26.60 and a one year high of $51.08. The firm has a market capitalization of $17.12 billion, a PE ratio of 18.25, a PEG ratio of 0.54 and a beta of 2.08. The company has a current ratio of 2.83, a quick ratio of 2.25 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $33.62 and a two-hundred day moving average price of $36.29.

ON (NYSE:ONON) last issued its earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. ON’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. As a group, analysts predict that ON will post 1.47 earnings per share for the current fiscal year.

Insider Activity at ON

In other ON news, CEO Caspar Coppetti purchased 65,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were bought at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the purchase, the chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This trade represents a 2.74% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Olivier Bernhard purchased 65,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the purchase, the insider owned 5,228,184 shares in the company, valued at $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 68.57% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ON

Several institutional investors and hedge funds have recently modified their holdings of the business. Platinum Paramount Investment LTD. bought a new position in shares of ON in the 4th quarter valued at approximately $525,784,000. Sinvest Investments II Ltd. bought a new stake in ON during the fourth quarter worth approximately $390,432,000. Morgan Stanley grew its holdings in ON by 40.9% during the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after purchasing an additional 6,997,455 shares during the last quarter. Norges Bank acquired a new position in ON during the fourth quarter valued at approximately $128,826,000. Finally, Ameriprise Financial Inc. raised its position in shares of ON by 4,564.3% in the second quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company’s stock valued at $119,752,000 after purchasing an additional 2,242,480 shares during the period. Institutional investors and hedge funds own 36.39% of the company’s stock.

About ON

On Holding AG, known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company is particularly recognized for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and Speedboard components designed to support comfort, responsiveness and energy return.

On serves athletes and consumers across categories including running, outdoor activities, training and everyday performance. Its products are sold through the company’s direct-to-consumer channels, including its website and branded retail stores, as well as through a network of wholesale partners in markets around the world.

On was founded in 2010 in Switzerland by Olivier Bernhard, David Allemann and Caspar Coppetti.