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

ON (NYSE:ONON) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages have also issued reports on ONON. Telsey Advisory Group reduced their target price on ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Barclays dropped their price target on ON from $57.00 to $46.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. KeyCorp cut their price objective on ON from $58.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. UBS Group reduced their price objective on ON from $85.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, July 29th. Finally, Raymond James Financial upgraded ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price objective for the company in a research note on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.63.

ON Trading Down 2.3%

Shares of ON stock opened at $37.31 on Wednesday. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. ON has a 12-month low of $31.41 and a 12-month high of $52.20. The firm has a market capitalization of $23.81 billion, a price-to-earnings ratio of 40.12, a PEG ratio of 0.71 and a beta of 2.12. The firm’s 50 day simple moving average is $37.40 and its two-hundred day simple moving average is $39.01.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. The business’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 earnings per share. Analysts predict that ON will post 1.5 EPS for the current year.

Insider Buying and Selling

In other ON news, CEO Caspar Felix Coppetti bought 60,000 shares of ON stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average price of $36.64 per share, with a total value of $2,198,400.00. Following the completion of the acquisition, the chief executive officer directly owned 2,375,855 shares in the company, valued at approximately $87,051,327.20. This trade represents a 2.59% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Olivier Bernhard bought 60,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 5,163,184 shares of the company’s stock, valued at $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 180,000 shares of company stock valued at $6,594,000 over the last 90 days. Insiders own 68.57% of the company’s stock.

Hedge Funds Weigh In On ON

Institutional investors and hedge funds have recently modified their holdings of the stock. Platinum Paramount Investment LTD. purchased a new stake in shares of ON in the fourth quarter worth about $525,784,000. Sinvest Investments II Ltd. purchased a new position in ON during the fourth quarter valued at approximately $390,432,000. Morgan Stanley raised 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 acquiring an additional 6,997,455 shares in the last quarter. FengHe Fund Management Pte. Ltd. acquired a new position in ON in the fourth quarter valued at approximately $142,425,000. Finally, Norges Bank acquired a new position in ON in the fourth quarter valued at approximately $128,826,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

About ON

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.