ON (NYSE:ONON) Stock Rating Lowered by Zacks Research

ON (NYSE:ONON) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other brokerages have also recently commented on ONON. Truist Financial decreased their price objective on ON from $48.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Raymond James Financial cut ON from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $52.00 to $38.00 in a report on Wednesday, August 12th. Robert W. Baird decreased their target price on ON from $70.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. BTIG Research lowered their price target on ON from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. Finally, William Blair downgraded shares of ON from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.57.

ON Trading Down 1.1%

Shares of NYSE ONON opened at $28.05 on Thursday. The company’s 50 day simple moving average is $34.31 and its 200 day simple moving average is $36.93. ON has a fifty-two week low of $27.56 and a fifty-two week high of $51.08. The firm has a market capitalization of $17.90 billion, a P/E ratio of 19.08, a P/E/G ratio of 0.58 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 (NYSE:ONON) last released its 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). The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%.ON’s revenue was up 13.5% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.09) EPS. On average, analysts predict that ON will post 1.47 EPS for the current year.

Insider Transactions at ON

In other news, CEO Caspar Coppetti purchased 65,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $74,861,022.85. This trade represents a 2.74% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Olivier Bernhard acquired 65,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the acquisition, the insider owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This 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.

Hedge Funds Weigh In On ON

Hedge funds have recently modified their holdings of the stock. Cullen Frost Bankers Inc. increased its position in shares of ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after purchasing an additional 467 shares during the last quarter. Caitlin John LLC acquired a new position in shares of ON during the 4th quarter worth about $25,000. EverSource Wealth Advisors LLC lifted its stake in ON by 69.6% in 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. MidAtlantic Capital Management Inc. bought a new position in ON during the fourth quarter worth about $27,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of ON by 555.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock valued at $33,000 after buying an additional 594 shares during the last quarter. Institutional investors own 36.39% of the company’s stock.

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.