ON’s (ONON) “Buy” Rating Reiterated at Needham & Company LLC

ON (NYSE:ONON)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued to investors on Friday, Benzinga reports. They presently have a $37.00 price objective on the stock. Needham & Company LLC’s target price would indicate a potential upside of 35.36% from the stock’s current price.

Several other brokerages have also recently issued reports on ONON. Robert W. Baird lowered their price objective on shares of ON from $70.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Zacks Research lowered shares of ON from a “hold” rating to a “strong sell” rating in a research report on Thursday, September 3rd. William Blair cut ON from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 11th. Raymond James Financial downgraded ON from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $52.00 to $38.00 in a research report on Wednesday, August 12th. Finally, Wall Street Zen lowered ON from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $43.92.

ON Price Performance

NYSE ONON opened at $27.33 on Friday. The company has a 50-day moving average price of $32.68 and a two-hundred day moving average price of $35.59. ON has a 52 week low of $26.36 and a 52 week high of $51.08. The stock has a market cap of $17.44 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth 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.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.07). ON had a return on equity of 22.92% and a net margin of 12.09%.The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the previous year, the company earned ($0.09) EPS. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. Analysts forecast that ON will post 1.49 EPS for the current year.

Insider Buying and Selling at ON

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

Institutional Trading of ON

A number of hedge funds have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. boosted its holdings in shares of ON by 639.7% during the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after purchasing an additional 467 shares during the period. EverSource Wealth Advisors LLC lifted its position in ON by 69.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock worth $26,000 after buying an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in ON in the 4th quarter worth approximately $27,000. Ascentis Independent Advisors acquired a new stake in shares of ON during the 1st quarter valued at $34,000. Finally, TD Private Client Wealth LLC boosted its stake in shares of ON by 109.9% during the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock valued at $37,000 after buying an additional 421 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Company Profile

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.