ON (NYSE:ONON) Stock Rating Raised to “Hold” at Zacks Research

Zacks Research upgraded shares of ON (NYSE:ONON) from a strong sell rating to a hold rating in a research report sent to investors on Monday morning,Zacks reports.

A number of other research firms have also recently issued reports on ONON. The Goldman Sachs Group reiterated a “buy” rating on shares of ON in a research report on Tuesday, September 22nd. Citigroup reissued a “buy” rating on shares of ON in a research note on Wednesday, September 23rd. Telsey Advisory Group cut their target price on shares of ON from $51.00 to $43.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. BTIG Research reaffirmed a “buy” rating and set a $60.00 target price on shares of ON in a research note on Wednesday, September 23rd. Finally, KeyCorp reiterated an “overweight” rating on shares of ON in a research note on Monday, September 28th. Two investment 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 company’s stock. Based on data from MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average price target of $43.17.

ON Stock Performance

Shares of ON stock opened at $35.46 on Monday. 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 has a market cap of $22.63 billion, a PE ratio of 24.13, a price-to-earnings-growth ratio of 0.70 and a beta of 2.08. The company has a 50 day moving average of $30.49 and a 200-day moving average of $34.44. ON has a 1-year low of $26.36 and a 1-year high of $51.08.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.07). ON had a net margin of 12.09% and a return on equity of 22.92%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. As a group, equities research analysts forecast that ON will post 1.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ON news, CEO Caspar Coppetti bought 65,000 shares of ON 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 acquisition, the chief executive officer directly owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. The trade was a 2.74% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Olivier Bernhard purchased 65,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was acquired at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the transaction, the insider owned 5,228,184 shares in the company, valued at approximately $160,348,403.28. This trade represents a 1.26% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Trading of ON

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its stake in shares of 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 period. Wesbanco Bank Inc. increased its position in shares of ON by 0.6% during the 1st quarter. Wesbanco Bank Inc. now owns 69,703 shares of the company’s stock valued at $2,371,000 after purchasing an additional 400 shares during the last quarter. Prasad Wealth Partners LLC increased its position in shares of ON by 1.1% during the 1st quarter. Prasad Wealth Partners LLC now owns 38,455 shares of the company’s stock valued at $1,308,000 after purchasing an additional 422 shares during the last quarter. City Center Advisors LLC lifted its stake in shares of ON by 5.2% in the 3rd quarter. City Center Advisors LLC now owns 8,675 shares of the company’s stock worth $257,000 after purchasing an additional 429 shares during the period. Finally, Glenmede Trust Co. NA lifted its stake in shares of ON by 6.1% in the 1st quarter. Glenmede Trust Co. NA now owns 7,592 shares of the company’s stock worth $258,000 after purchasing an additional 439 shares during the period. 36.39% of the stock is currently owned by institutional investors and hedge funds.

About ON

On Holding AG, trading on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company focused on performance footwear, apparel and accessories. The company serves athletes and active consumers with products designed for running, training, outdoor activities and everyday wear.

On is best known for its running shoes, which incorporate the company’s CloudTec cushioning technology and distinctive sole designs. Its product portfolio also includes athletic clothing, apparel and accessories, with offerings positioned across both performance and lifestyle categories.