ON (NYSE:ONON) Shares Up 4.3% – Here’s Why

On Holding AG (NYSE:ONON)’s share price was up 4.3% during mid-day trading on Wednesday. The company traded as high as $30.42 and last traded at $30.66. Approximately 5,778,521 shares changed hands during trading, a decline of 13% from the average daily volume of 6,662,469 shares. The stock had previously closed at $29.39.

Analyst Upgrades and Downgrades

ONON has been the subject of a number of recent research reports. Robert W. Baird dropped their price objective on shares of ON from $70.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Bank of America decreased their target price on shares of ON from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Thursday, September 17th. JPMorgan Chase & Co. initiated coverage on shares of ON in a report on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price target for the company. Berenberg Bank set a $38.00 price target on ON in a research report on Monday, September 14th. Finally, Evercore set a $40.00 price objective on ON in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.71.

ON Stock Up 0.9%

The company’s 50 day moving average is $31.77 and its 200 day moving average is $35.07. The company has a market cap of $19.43 billion, a PE ratio of 20.71, a P/E/G ratio of 0.59 and a beta of 2.08. The company has a current ratio of 2.83, a quick ratio of 2.25 and a debt-to-equity ratio of 0.25.

ON (NYSE:ONON) last released its quarterly earnings data 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). The company had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. ON’s quarterly revenue was up 13.5% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. As a group, analysts predict that On Holding AG will post 1.49 earnings per share for the current fiscal year.

Insider Activity at ON

In other news, CEO Caspar Coppetti acquired 65,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Olivier Bernhard acquired 65,000 shares of ON stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the acquisition, the insider directly owned 5,228,184 shares in the company, valued at $160,348,403.28. This trade represents a 1.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 68.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ON

Institutional investors have recently made changes to their positions in the company. Sequoia Financial Advisors LLC purchased a new position in ON during the 2nd quarter valued at about $223,000. Capital Analysts LLC lifted its position in shares of ON by 15.5% in the 2nd quarter. Capital Analysts LLC now owns 6,049 shares of the company’s stock worth $214,000 after purchasing an additional 810 shares during the period. NewEdge Advisors LLC lifted its position in shares of ON by 26.8% in the 2nd quarter. NewEdge Advisors LLC now owns 25,494 shares of the company’s stock worth $903,000 after purchasing an additional 5,394 shares during the period. TD Waterhouse Canada Inc. boosted its stake in shares of ON by 44.1% during the second quarter. TD Waterhouse Canada Inc. now owns 18,378 shares of the company’s stock valued at $654,000 after purchasing an additional 5,625 shares in the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in shares of ON during the second quarter valued at approximately $288,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

About ON

On Holding AG, known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company is particularly recognized for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and Speedboard components designed to support comfort, responsiveness and energy return.

On serves athletes and consumers across categories including running, outdoor activities, training and everyday performance. Its products are sold through the company’s direct-to-consumer channels, including its website and branded retail stores, as well as through a network of wholesale partners in markets around the world.

On was founded in 2010 in Switzerland by Olivier Bernhard, David Allemann and Caspar Coppetti.