ON (NYSE:ONON) Rating Lowered to Hold at Wall Street Zen

ON (NYSE:ONON) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

ONON has been the subject of several other research reports. Guggenheim restated a “buy” rating and issued a $51.00 price objective on shares of ON in a research note on Wednesday, May 13th. Needham & Company LLC cut their target price on ON from $52.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Truist Financial reduced their target price on ON from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Raymond James Financial upgraded ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price target on the stock in a research note on Thursday, April 23rd. Finally, JPMorgan Chase & Co. initiated coverage on ON in a research report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 price target on the stock. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.79.

ON Stock Up 0.1%

Shares of NYSE:ONON opened at $37.22 on Friday. The firm has a 50 day simple moving average of $37.57 and a 200-day simple moving average of $40.03. ON has a twelve month low of $31.41 and a twelve month high of $54.37. 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 market capitalization of $23.75 billion, a PE ratio of 40.02, a P/E/G ratio of 0.69 and a beta of 2.12.

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

Insider Buying and Selling at ON

In other news, CEO Martin Hoffmann sold 4,150 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $35.84, for a total value of $148,736.00. Following the completion of the sale, the chief executive officer directly owned 1,385,099 shares of the company’s stock, valued at approximately $49,641,948.16. This represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Michael Allemann bought 60,000 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were acquired at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the purchase, the chief executive officer directly owned 2,841,108 shares of the company’s stock, valued at approximately $104,069,786.04. This trade represents a 2.16% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 180,000 shares of company stock valued at $6,594,000. Company insiders own 68.57% of the company’s stock.

Hedge Funds Weigh In On ON

A number of hedge funds and other institutional investors have recently made changes to their positions in ONON. Platinum Paramount Investment LTD. purchased a new stake in ON during the 4th quarter valued at approximately $525,784,000. Sinvest Investments II Ltd. acquired a new stake in ON during the 4th quarter worth approximately $390,432,000. Morgan Stanley grew its stake in shares of ON by 40.9% in the 4th 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 during the last quarter. FengHe Fund Management Pte. Ltd. purchased a new position in shares of ON in the 4th quarter valued at approximately $142,425,000. Finally, Norges Bank acquired a new position in shares of ON in the fourth quarter valued at approximately $128,826,000. Hedge funds and other 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.