ON (NYSE:ONON) Stock Picked Up by Analysts at Wolfe Research

Analysts at Wolfe Research started coverage on shares of ON (NYSE:ONON) in a report issued on Wednesday, MarketBeat.com reports. The firm set an “outperform” rating on the stock.

ONON has been the topic of several other reports. Sanford C. Bernstein reiterated an “outperform” rating on shares of ON in a report on Thursday, September 24th. Guggenheim set a $42.00 price objective on ON in a research note on Friday, September 11th. Wall Street Zen cut ON from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. KeyCorp reissued an “overweight” rating on shares of ON in a report on Monday, September 28th. Finally, Stifel Nicolaus reduced their price objective on shares of ON from $60.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.48.

ON Trading Down 0.5%

Shares of ON stock opened at $34.04 on Wednesday. The stock has a market cap of $21.72 billion, a P/E ratio of 23.16, a P/E/G ratio of 0.68 and a beta of 2.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.83 and a quick ratio of 2.25. ON has a 1-year low of $26.36 and a 1-year high of $51.08. The stock’s 50 day simple moving average is $30.47 and its 200-day simple moving average is $34.54.

ON (NYSE:ONON) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. ON’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.09) earnings per share. Analysts predict that ON will post 1.50 EPS for the current fiscal year.

Insider Activity at ON

In other news, insider Olivier Bernhard acquired 65,000 shares of the firm’s stock in a transaction dated 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 acquisition, the insider owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This trade represents a 1.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Caspar Coppetti acquired 65,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $74,861,022.85. This represents a 2.74% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 68.57% of the company’s stock.

Institutional Trading of ON

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ONON. Wellington Management Group LLP lifted its holdings in ON by 2.3% during the second quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock worth $97,462,000 after acquiring an additional 62,404 shares in the last quarter. Bessemer Group Inc. lifted its holdings in ON by 5.7% during the 1st quarter. Bessemer Group Inc. now owns 1,194,774 shares of the company’s stock worth $40,647,000 after purchasing an additional 63,932 shares during the last quarter. APEIRON CAPITAL Ltd increased its stake in ON by 25.2% during the 1st quarter. APEIRON CAPITAL Ltd now owns 996,052 shares of the company’s stock worth $33,886,000 after acquiring an additional 200,200 shares during the period. Riposte Capital LLC lifted its stake in ON by 30.0% during the first quarter. Riposte Capital LLC now owns 325,000 shares of the company’s stock worth $11,056,000 after purchasing an additional 75,000 shares during the last quarter. Finally, Peregrine Capital Management LLC lifted its stake in shares of ON by 5.9% in the 1st quarter. Peregrine Capital Management LLC now owns 296,861 shares of the company’s stock valued at $10,099,000 after acquiring an additional 16,440 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.