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

ON (NYSE:ONON) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

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

ON Stock Down 2.3%

NYSE ONON opened at $37.31 on Wednesday. The business’s fifty day simple moving average is $37.40 and its 200-day simple moving average is $39.01. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. The firm 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 52 week low of $31.41 and a 52 week high of $52.20.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the firm posted $0.21 earnings per share. ON’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, equities analysts anticipate that ON will post 1.5 earnings per share for the current year.

Insider Transactions at ON

In other news, CEO Caspar Felix Coppetti bought 60,000 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were bought at an average price of $36.64 per share, with a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Olivier Bernhard bought 60,000 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the transaction, the insider owned 5,163,184 shares of the company’s stock, valued at $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 180,000 shares of company stock worth $6,594,000. 68.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB purchased a new stake in shares of ON in the 2nd quarter valued at $2,851,000. Gradient Investments LLC lifted its stake in ON by 14.0% during the 2nd quarter. Gradient Investments LLC now owns 64,799 shares of the company’s stock worth $2,295,000 after acquiring an additional 7,934 shares in the last quarter. Red Spruce Capital LLC boosted its holdings in ON by 40.9% during the 2nd quarter. Red Spruce Capital LLC now owns 60,114 shares of the company’s stock valued at $2,129,000 after acquiring an additional 17,445 shares during the period. City Center Advisors LLC boosted its holdings in ON by 8.1% during the 2nd quarter. City Center Advisors LLC now owns 8,246 shares of the company’s stock valued at $292,000 after acquiring an additional 619 shares during the period. Finally, PVG Asset Management Corp grew its position in ON by 5.4% in the 2nd quarter. PVG Asset Management Corp now owns 9,341 shares of the company’s stock valued at $331,000 after acquiring an additional 480 shares in the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

ON Company Profile

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.