ON (NYSE:ONON) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of ON (NYSE:ONON) from a hold rating to a strong sell rating in a research note issued to investors on Thursday morning,Zacks reports.

Several other equities analysts have also issued reports on ONON. Jefferies Financial Group set a $20.00 target price on ON in a research report on Tuesday, August 11th. The Goldman Sachs Group set a $42.00 price target on shares of ON in a research report on Wednesday, August 12th. Sanford C. Bernstein reissued an “outperform” rating and set a $62.00 price objective on shares of ON in a research note on Wednesday, August 12th. Weiss Ratings raised shares of ON from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Finally, Bank of America restated a “buy” rating on shares of ON in a report on Wednesday, August 12th. 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $48.57.

ON Stock Performance

ONON stock opened at $28.05 on Thursday. ON has a twelve month low of $27.56 and a twelve month high of $51.08. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. The company has a market cap of $17.90 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 0.58 and a beta of 2.08. The business’s fifty day moving average is $34.31 and its 200-day moving average is $36.93.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The company 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%.The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. Equities research analysts forecast that ON will post 1.47 EPS for the current year.

Insider Transactions at ON

In other ON news, insider Olivier Bernhard acquired 65,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the acquisition, the insider directly owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. This trade represents a 1.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Caspar Coppetti acquired 65,000 shares of the firm’s stock in a transaction that occurred 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 chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This trade represents a 2.74% increase in their position. The disclosure for this purchase is available in the SEC filing. 68.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Caitlin John LLC bought a new stake in shares of ON during the fourth quarter worth $25,000. Cullen Frost Bankers Inc. lifted its position in ON by 639.7% in the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after acquiring an additional 467 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in ON in the 4th quarter worth $27,000. Caitong International Asset Management Co. Ltd boosted its stake in ON by 555.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock worth $26,000 after purchasing an additional 312 shares in 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.