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

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

Other analysts also recently issued reports about the stock. William Blair downgraded shares of ON from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. BTIG Research lowered their price target on shares of ON from $70.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday, August 11th. Evercore set a $40.00 price objective on shares of ON in a research note on Wednesday, August 12th. Wall Street Zen cut shares of ON from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Guggenheim reaffirmed a “buy” rating and set a $51.00 target price on shares of ON in a research note on Wednesday, May 13th. 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. According to MarketBeat.com, ON presently has an average rating of “Moderate Buy” and a consensus target price of $48.57.

ON Stock Down 1.1%

Shares of NYSE:ONON opened at $28.05 on Thursday. 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 quick ratio of 2.25 and a current ratio of 2.83. The stock has a 50 day moving average price of $34.31 and a 200-day moving average price of $36.93. ON has a 52-week low of $27.56 and a 52-week high of $51.08.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) 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 the consensus estimate of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%.ON’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.09) EPS. As a group, equities research analysts anticipate that ON will post 1.47 EPS for the current fiscal year.

Insider Activity at ON

In related news, insider Olivier Bernhard bought 65,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the purchase, the insider owned 5,228,184 shares in the company, valued at approximately $160,348,403.28. This represents a 1.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Caspar Coppetti bought 65,000 shares of the stock in a transaction on Friday, August 14th. The stock was purchased at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the acquisition, the chief executive officer owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. This trade represents a 2.74% increase in their position. The SEC filing for this purchase provides additional information. 68.57% of the stock is owned by insiders.

Hedge Funds Weigh In On ON

A number of institutional investors have recently bought and sold shares of ONON. Morgan Stanley lifted its position in ON by 40.9% during the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after purchasing an additional 6,997,455 shares in the last quarter. Platinum Paramount Investment LTD. purchased a new stake in ON in the fourth quarter worth about $525,784,000. Sinvest Investments II Ltd. bought a new position in shares of ON in the fourth quarter worth about $390,432,000. Bamco Inc. NY lifted its position in shares of ON by 13.9% during the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock valued at $251,247,000 after buying an additional 658,933 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of ON by 44.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company’s stock valued at $138,865,000 after acquiring an additional 1,026,804 shares during the period. 36.39% of the stock is owned by 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.