ON (NYSE:ONON) Coverage Initiated by Analysts at Wells Fargo & Company

Investment analysts at Wells Fargo & Company assumed coverage on shares of ON (NYSE:ONON) in a note issued to investors on Wednesday, Benzinga reports. The brokerage set an “overweight” rating and a $48.00 price target on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 31.24% from the company’s previous close.

Several other brokerages have also recently issued reports on ONON. Jefferies Financial Group reiterated an “underperform” rating on shares of ON in a research note on Tuesday, October 20th. Bank of America lowered their price objective on ON from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Thursday, September 17th. Stifel Nicolaus dropped their price objective on ON from $60.00 to $41.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Guggenheim set a $42.00 target price on ON in a research report on Friday, September 11th. Finally, Piper Sandler reiterated an “overweight” rating and set a $45.00 target price on shares of ON in a research report on Thursday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average price target of $43.73.

ON Stock Up 3.0%

ON stock opened at $36.57 on Wednesday. ON has a fifty-two week low of $26.36 and a fifty-two week high of $51.08. The firm has a market capitalization of $23.34 billion, a PE ratio of 24.88, a P/E/G ratio of 0.70 and a beta of 2.05. The company’s 50-day moving average is $30.97 and its 200-day moving average is $36.62. 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 announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (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 business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business earned ($0.09) EPS. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. Sell-side analysts anticipate that ON will post 1.50 earnings per share for the current year.

Insider Activity at ON

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

Institutional Investors Weigh In On ON

Several hedge funds and other institutional investors have recently made changes to their positions in ONON. Pictet Asset Management Holding SA lifted its holdings in shares of ON by 116.8% in the third quarter. Pictet Asset Management Holding SA now owns 1,741,829 shares of the company’s stock valued at $51,571,000 after purchasing an additional 938,285 shares in the last quarter. OMERS ADMINISTRATION Corp purchased a new position in shares of ON during the first quarter valued at approximately $5,694,000. B.A. Schrock Wealth Management Inc. purchased a new position in shares of ON during the third quarter valued at approximately $3,991,000. Investment House LLC bought a new stake in ON during the third quarter worth $3,194,000. Finally, Handelsbanken Fonder AB bought a new stake in ON during the second quarter worth $2,851,000. 36.39% of the stock is owned by institutional investors.

About ON

On Holding AG, commonly known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company serves athletes and everyday consumers with products designed for running, training, outdoor activities and lifestyle use.

On is best known for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and the Speedboard propulsion system. Its product portfolio also includes athletic clothing, outerwear and accessories.