ON (NYSE:ONON) Reaches New 12-Month Low – Here’s Why

On Holding AG (NYSE:ONON)’s share price reached a new 52-week low on Thursday . The stock traded as low as $29.70 and last traded at $29.73, with a volume of 3198476 shares changing hands. The stock had previously closed at $31.26.

Wall Street Analyst Weigh In

ONON has been the subject of several research reports. Jefferies Financial Group set a $20.00 target price on shares of ON in a research report on Tuesday, August 11th. Guggenheim reaffirmed a “buy” rating and set a $51.00 price target on shares of ON in a research note on Wednesday, May 13th. BTIG Research cut their price objective on ON from $70.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Barclays reduced their price objective on ON from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of ON in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.57.

ON Price Performance

The business has a 50-day simple moving average of $36.42 and a 200 day simple moving average of $38.20. The firm has a market cap of $19.11 billion, a P/E ratio of 20.37, a price-to-earnings-growth ratio of 0.62 and a beta of 2.12. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83.

ON (NYSE:ONON) last released its quarterly earnings results 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). The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. The business’s revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. On average, analysts anticipate that On Holding AG will post 1.51 earnings per share for the current fiscal year.

Insider Transactions at ON

In related news, insider Olivier Bernhard purchased 65,000 shares of ON stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This represents a 1.26% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Caspar Felix Coppetti purchased 65,000 shares of ON stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. This trade represents a 2.74% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 68.57% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in ON by 54.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,200 shares of the company’s stock valued at $8,320,000 after buying an additional 62,500 shares during the period. One Capital Management LLC purchased a new stake in shares of ON in the 4th quarter worth about $8,887,000. Quantinno Capital Management LP increased its stake in shares of ON by 89.6% in the 1st quarter. Quantinno Capital Management LP now owns 66,947 shares of the company’s stock worth $2,278,000 after acquiring an additional 31,641 shares in the last quarter. RFG Advisory LLC bought a new position in shares of ON in the 4th quarter worth about $1,343,000. Finally, Norges Bank purchased a new position in ON during the 4th quarter valued at about $128,826,000. Institutional investors own 36.39% of the company’s stock.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.