ON’s (ONON) Buy Rating Reaffirmed at BTIG Research

ON (NYSE:ONON)‘s stock had its “buy” rating reaffirmed by stock analysts at BTIG Research in a report released on Wednesday, Benzinga reports. They presently have a $60.00 price objective on the stock. BTIG Research’s price objective would suggest a potential upside of 124.18% from the company’s current price.

Several other equities analysts also recently issued reports on ONON. Bank of America reissued a “buy” rating on shares of ON in a research report on Wednesday, August 12th. Sanford C. Bernstein reiterated an “outperform” rating and set a $62.00 price target on shares of ON in a research note on Wednesday, August 12th. Truist Financial cut their price objective on ON from $48.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, August 11th. Weiss Ratings cut ON from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, September 8th. Finally, BMO Capital Markets initiated coverage on ON in a research report on Tuesday, September 8th. They issued a “market perform” rating and a $28.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, ON has an average rating of “Moderate Buy” and a consensus price target of $44.75.

ON Trading Down 2.6%

ON stock opened at $26.76 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. The stock has a market cap of $17.08 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 0.55 and a beta of 2.08. The stock has a 50-day moving average of $33.05 and a two-hundred day moving average of $35.87. ON has a one year low of $26.60 and a one year high of $51.08.

ON (NYSE:ONON) last issued its quarterly 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 for the quarter, compared to analysts’ expectations of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%.ON’s revenue was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) EPS. On average, research analysts anticipate that ON will post 1.49 EPS for the current fiscal year.

Insider Transactions at ON

In related news, CEO Caspar Coppetti bought 65,000 shares of the stock in a transaction dated Friday, August 14th. The shares were purchased at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the purchase, the chief executive officer directly owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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, with a total value of $1,993,550.00. Following the completion of the transaction, the insider owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This represents a 1.26% increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Trading of ON

Hedge funds have recently added to or reduced their stakes in the company. Platinum Paramount Investment LTD. purchased a new position in ON in the fourth quarter valued at $525,784,000. Bamco Inc. NY increased its stake in shares of ON by 13.9% in the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock valued at $251,247,000 after purchasing an additional 658,933 shares in the last quarter. Norges Bank purchased a new position in shares of ON in the 4th quarter valued at about $128,826,000. Clearbridge Investments LLC raised its holdings in ON by 110.3% in the 4th quarter. Clearbridge Investments LLC now owns 2,179,978 shares of the company’s stock worth $101,325,000 after purchasing an additional 1,143,414 shares during the period. Finally, Franklin Resources Inc. boosted its position in ON by 40.5% during the fourth quarter. Franklin Resources Inc. now owns 2,126,297 shares of the company’s stock worth $98,830,000 after purchasing an additional 613,063 shares in the last quarter. 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.