ON (NYSE:ONON) Coverage Initiated by Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of ON (NYSE:ONON) in a report published on Wednesday, Marketbeat.com reports. The firm issued an overweight rating and a $48.00 price target on the stock.

A number of other research analysts have also recently commented on the stock. Robert W. Baird dropped their target price on shares of ON from $70.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Zacks Research upgraded ON from a “strong sell” rating to a “hold” rating in a research report on Monday, October 12th. Needham & Company LLC increased their price target on ON from $37.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 23rd. Telsey Advisory Group reduced their price objective on shares of ON from $51.00 to $43.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Finally, KeyCorp reaffirmed an “overweight” rating on shares of ON in a research report on Monday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $43.73.

ON Price Performance

Shares of NYSE:ONON opened at $38.52 on Wednesday. The firm has a 50 day moving average of $31.17 and a 200-day moving average of $36.59. The stock has a market capitalization of $24.58 billion, a PE ratio of 26.20, a PEG ratio of 0.72 and a beta of 2.05. 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 has a 12 month low of $26.36 and a 12 month 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 firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%. The business’s revenue was up 13.5% on a year-over-year basis. During the same period last year, the company posted ($0.09) EPS. On average, equities research analysts predict that ON will post 1.50 EPS for the current fiscal year.

Insiders Place Their Bets

In other ON news, CEO Caspar Coppetti acquired 65,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased 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 chief executive officer owned 2,440,855 shares of the company’s stock, valued at approximately $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Olivier Bernhard acquired 65,000 shares of ON stock in a transaction dated 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 completion of the acquisition, the insider directly owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 68.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ON

Several large investors have recently added to or reduced their stakes in ONON. Wellington Management Group LLP increased its holdings in ON by 2.3% during the 2nd quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock worth $97,462,000 after purchasing an additional 62,404 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of ON by 89.6% in the first quarter. Quantinno Capital Management LP now owns 66,947 shares of the company’s stock valued at $2,278,000 after purchasing an additional 31,641 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new position in shares of ON in the first quarter valued at approximately $5,694,000. B.A. Schrock Wealth Management Inc. purchased a new position in shares of ON during the third quarter valued at approximately $3,991,000. Finally, Handelsbanken Fonder AB purchased a new position in shares of ON during the second quarter valued at approximately $2,851,000. Institutional investors own 36.39% of the company’s stock.

More ON News

Here are the key news stories impacting ON this week:

• Positive Sentiment: Wells Fargo initiated coverage with an Overweight rating and a $48 price target, citing potential upside for the shares. Wells Fargo coverage
• Positive Sentiment: Wells Fargo’s view that “Nike’s pain is On’s gain” reinforces the prospect that competitive challenges at Nike could benefit On. Nike’s pain is On’s gain—Wells Fargo
• Positive Sentiment: UBS backing and a separate report of a “Moderate Buy” consensus indicate continued analyst support, although the UBS headline also points to subdued earnings expectations. ON Holding gets UBS backing despite muted earnings expectations Wall Street analysts rate ONON Moderate Buy
• Negative Sentiment: A Zacks preview said ONON lacked key factors associated with a likely earnings beat, raising the risk of disappointment around its upcoming report. On Holding reports next week: What awaits?

ON Company Profile

On Holding AG, commonly known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company serves athletes and everyday consumers with products designed for running, training, outdoor activities and lifestyle use.

On is best known for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and the Speedboard propulsion system. Its product portfolio also includes athletic clothing, outerwear and accessories.