ON Sees Unusually High Options Volume (NYSE:ONON)

On Holding AG (NYSE:ONON) was the recipient of some unusual options trading on Monday. Stock traders purchased 14,282 call options on the company. This is an increase of approximately 49% compared to the average volume of 9,607 call options.

ON Stock Performance

ONON stock traded up $1.18 during midday trading on Monday, hitting $38.73. The stock had a trading volume of 4,198,159 shares, compared to its average volume of 5,723,767. ON has a 52 week low of $31.41 and a 52 week high of $52.20. 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 stock has a 50-day simple moving average of $37.33 and a 200 day simple moving average of $38.95. The firm has a market capitalization of $24.72 billion, a price-to-earnings ratio of 41.67, a P/E/G ratio of 0.69 and a beta of 2.12.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm posted $0.21 EPS. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that ON will post 1.52 earnings per share for the current year.

Insiders Place Their Bets

In other ON news, CEO Caspar Felix Coppetti purchased 60,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was bought at an average cost of $36.64 per share, for a total transaction 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 $87,051,327.20. This represents a 2.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Olivier Bernhard purchased 60,000 shares of the business’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 completion of the acquisition, the insider owned 5,163,184 shares of the company’s stock, valued at approximately $189,127,429.92. The trade was a 1.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 180,000 shares of company stock valued at $6,594,000 in the last three months.

Institutional Trading of ON

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Morgan Stanley boosted its holdings 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 purchasing an additional 6,997,455 shares in the last quarter. Platinum Paramount Investment LTD. acquired a new position in shares of ON in the 4th quarter worth approximately $525,784,000. Sinvest Investments II Ltd. acquired a new position in shares of ON in the 4th quarter worth approximately $390,432,000. Bamco Inc. NY lifted its position in shares of ON by 13.9% during the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock worth $251,247,000 after buying an additional 658,933 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of ON by 44.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company’s stock worth $138,865,000 after buying an additional 1,026,804 shares during the period. Institutional investors own 36.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ONON. UBS Group reduced their price target on shares of ON from $85.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, July 29th. Truist Financial dropped their price objective on shares of ON from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Telsey Advisory Group cut their price objective on shares of ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings upgraded shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 12th. Finally, Raymond James Financial raised ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 target price on the stock in a research report on Thursday, April 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.84.

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.