ON (NYSE:ONON) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of ON (NYSE:ONON) from a buy rating to a hold rating in a report released on Saturday morning.

ONON has been the subject of several other reports. KeyCorp lowered their price objective on ON from $58.00 to $43.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Guggenheim restated a “buy” rating and set a $51.00 target price on shares of ON in a research note on Wednesday, May 13th. Weiss Ratings upgraded ON from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 12th. Raymond James Financial raised ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price target for the company in a report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. started coverage on shares of ON in a research note on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ON currently has an average rating of “Moderate Buy” and an average target price of $53.79.

ON Price Performance

ON stock opened at $37.70 on Friday. 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 has a fifty day simple moving average of $37.65 and a 200-day simple moving average of $39.97. The stock has a market cap of $24.06 billion, a P/E ratio of 40.54, a price-to-earnings-growth ratio of 0.69 and a beta of 2.12. ON has a 12-month low of $31.41 and a 12-month high of $53.37.

ON (NYSE:ONON) last posted its earnings results on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.35 by $0.11. ON had a return on equity of 15.72% and a net margin of 7.92%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the prior year, the company posted $0.21 earnings per share. ON’s revenue for the quarter was up 14.5% compared to the same quarter last year. Equities analysts expect that ON will post 1.51 EPS for the current fiscal year.

Insider Transactions at ON

In other news, insider Olivier Bernhard bought 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the transaction, the insider directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Martin Hoffmann sold 4,150 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $35.84, for a total value of $148,736.00. Following the transaction, the chief executive officer owned 1,385,099 shares in the company, valued at $49,641,948.16. This represents a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have acquired a total of 180,000 shares of company stock worth $6,594,000 over the last three months.

Hedge Funds Weigh In On ON

A number of hedge funds have recently modified their holdings of the business. Handelsbanken Fonder AB acquired a new position in shares of ON in the 2nd quarter valued at $2,851,000. Gradient Investments LLC boosted 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 purchasing an additional 7,934 shares during the period. Red Spruce Capital LLC boosted its stake in ON by 40.9% during the 2nd quarter. Red Spruce Capital LLC now owns 60,114 shares of the company’s stock worth $2,129,000 after purchasing an additional 17,445 shares during the period. City Center Advisors LLC grew its position in ON by 8.1% during the 2nd quarter. City Center Advisors LLC now owns 8,246 shares of the company’s stock worth $292,000 after purchasing an additional 619 shares during the last quarter. Finally, PVG Asset Management Corp grew its position in ON by 5.4% during the 2nd quarter. PVG Asset Management Corp now owns 9,341 shares of the company’s stock worth $331,000 after purchasing an additional 480 shares during 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.