ON (NYSE:ONON) Raised to “Hold” at Zacks Research

ON (NYSE:ONON) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

ONON has been the subject of a number of other reports. Guggenheim set a $42.00 target price on ON in a research report on Friday, September 11th. The Goldman Sachs Group reissued a “buy” rating on shares of ON in a research report on Tuesday, September 22nd. Sanford C. Bernstein restated an “outperform” rating on shares of ON in a research note on Thursday, September 24th. JPMorgan Chase & Co. raised their price target on ON from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, October 1st. Finally, Barclays lifted their price objective on ON from $42.00 to $44.00 and gave the company an “overweight” rating in a report on Thursday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, ON presently has an average rating of “Moderate Buy” and a consensus target price of $43.17.

ON Stock Performance

Shares of NYSE:ONON opened at $35.46 on Monday. The firm’s 50 day simple moving average is $30.49 and its 200-day simple moving average is $34.44. 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 has a one year low of $26.36 and a one year high of $51.08. The firm has a market cap of $22.63 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 0.70 and a beta of 2.08.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a net margin of 12.09% and a return on equity of 22.92%. The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the firm posted ($0.09) EPS. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. As a group, equities analysts predict that ON will post 1.51 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On ON

A number of institutional investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. lifted its position in shares of ON by 9.8% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,345 shares of the company’s stock valued at $217,000 after buying an additional 653 shares during the last quarter. Gradient Investments LLC boosted its holdings in shares of ON by 14.2% in the 3rd quarter. Gradient Investments LLC now owns 74,013 shares of the company’s stock valued at $2,192,000 after buying an additional 9,214 shares in the last quarter. City Center Advisors LLC grew its position in shares of ON by 5.2% in the 3rd quarter. City Center Advisors LLC now owns 8,675 shares of the company’s stock worth $257,000 after buying an additional 429 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of ON in the 2nd quarter worth approximately $223,000. Finally, Capital Analysts LLC grew its position in shares of ON by 15.5% in the 2nd quarter. Capital Analysts LLC now owns 6,049 shares of the company’s stock worth $214,000 after buying an additional 810 shares during the last quarter. Institutional investors own 36.39% of the company’s stock.

ON Company Profile

On Holding AG, trading on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company focused on performance footwear, apparel and accessories. The company serves athletes and active consumers with products designed for running, training, outdoor activities and everyday wear.

On is best known for its running shoes, which incorporate the company’s CloudTec cushioning technology and distinctive sole designs. Its product portfolio also includes athletic clothing, apparel and accessories, with offerings positioned across both performance and lifestyle categories.