ON (NYSE:ONON) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of ON (NYSE:ONON) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

ONON has been the topic of several other reports. Raymond James Financial raised ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 target price on the stock in a research report on Thursday, April 23rd. Needham & Company LLC dropped their price target on ON from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Telsey Advisory Group cut their price objective on ON from $60.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Truist Financial reduced their price objective on ON from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Finally, JPMorgan Chase & Co. assumed coverage on ON in a research note on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, ON currently has an average rating of “Moderate Buy” and a consensus price target of $53.63.

ON Stock Down 2.3%

NYSE:ONON opened at $37.31 on Wednesday. The company has a market cap of $23.81 billion, a PE ratio of 40.12, a P/E/G ratio of 0.71 and a beta of 2.12. ON has a twelve month low of $31.41 and a twelve month high of $52.20. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $37.40 and its two-hundred day moving average is $39.01.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter last year, the company posted $0.21 earnings per share. The business’s quarterly revenue was up 14.5% on a year-over-year basis. Analysts anticipate that ON will post 1.5 EPS for the current year.

Insider Buying and Selling

In other ON news, insider Olivier Bernhard purchased 60,000 shares of the stock in a transaction on Thursday, May 14th. The shares were bought at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the acquisition, the insider owned 5,163,184 shares in the company, valued at $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Caspar Felix Coppetti purchased 60,000 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were bought at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,375,855 shares in the company, valued at $87,051,327.20. This trade represents a 2.59% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 180,000 shares of company stock valued at $6,594,000 over the last 90 days. Insiders own 68.57% of the company’s stock.

Institutional Trading of ON

Hedge funds have recently modified their holdings of the stock. Cullen Frost Bankers Inc. raised its position in ON by 639.7% during the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after acquiring an additional 467 shares in the last quarter. Caitlin John LLC purchased a new stake in ON in the 4th quarter worth approximately $25,000. EverSource Wealth Advisors LLC boosted 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 purchasing an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of ON during the 4th quarter worth approximately $27,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the period. Hedge funds and other institutional investors own 36.39% of the company’s stock.

About ON

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.