ON (NYSE:ONON) Raised to “Hold” at BMO Capital Markets

ON (NYSE:ONON) was upgraded by stock analysts at BMO Capital Markets to a “hold” rating in a report released on Tuesday, Zacks reports.

A number of other analysts have also weighed in on ONON. UBS Group decreased their target price on shares of ON from $83.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Needham & Company LLC lowered their target price on shares of ON from $45.00 to $37.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Wall Street Zen downgraded shares of ON from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Stifel Nicolaus lowered their price target on ON from $60.00 to $41.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Finally, Zacks Research downgraded ON from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.43.

ON Stock Down 0.0%

ONON stock opened at $26.83 on Tuesday. ON has a 1-year low of $26.60 and a 1-year high of $51.08. The stock has a market cap of $17.12 billion, a price-to-earnings ratio of 18.25, a price-to-earnings-growth ratio of 0.54 and a beta of 2.08. The company has a current ratio of 2.83, a quick ratio of 2.25 and a debt-to-equity ratio of 0.25. The company’s 50 day moving average is $33.62 and its 200 day moving average is $36.29.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a return on equity of 22.92% and a net margin of 12.09%.The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the company earned ($0.09) EPS. ON’s quarterly revenue was up 13.5% on a year-over-year basis. Sell-side analysts predict that ON will post 1.47 EPS for the current fiscal year.

Insider Activity

In related news, CEO Caspar Coppetti purchased 65,000 shares of ON stock in a transaction on Friday, August 14th. The stock was acquired 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 chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This represents a 2.74% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Olivier Bernhard acquired 65,000 shares of the business’s 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 purchase, the insider owned 5,228,184 shares in the company, valued at $160,348,403.28. This trade represents a 1.26% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 68.57% of the company’s stock.

Institutional Investors Weigh In On ON

A number of institutional investors have recently added to or reduced their stakes in ONON. Caitlin John LLC bought a new position in shares of ON during the fourth quarter worth $25,000. Cullen Frost Bankers Inc. increased 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 during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of ON in the 4th quarter worth about $27,000. Caitong International Asset Management Co. Ltd boosted 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. Finally, EverSource Wealth Advisors LLC grew its holdings in ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after purchasing an additional 312 shares during the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

About ON

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.