ON (NYSE:ONON) Upgraded at BMO Capital Markets

BMO Capital Markets upgraded shares of ON (NYSE:ONON) to a hold rating in a research note published on Tuesday morning,Zacks reports.

ONON has been the subject of a number of other research reports. Telsey Advisory Group cut their price target on ON from $51.00 to $43.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Morgan Stanley initiated coverage on ON in a research note on Thursday. They issued an “overweight” rating and a $39.00 target price for the company. Robert W. Baird decreased their target price on shares of ON from $70.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Weiss Ratings cut ON from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday. Finally, Raymond James Financial downgraded shares of ON from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $52.00 to $38.00 in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $45.43.

ON Price Performance

Shares of ONON opened at $26.83 on Tuesday. The business’s fifty day moving average is $33.62 and its 200 day moving average is $36.29. ON has a 12-month low of $26.60 and a 12-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 stock has a market cap of $17.12 billion, a P/E ratio of 18.25, a P/E/G ratio of 0.54 and a beta of 2.08.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a net margin of 12.09% and a return on equity of 22.92%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the firm posted ($0.09) EPS. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. Sell-side analysts anticipate that ON will post 1.47 earnings per share for the current fiscal year.

Insider Activity at ON

In other news, CEO Caspar Coppetti purchased 65,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Olivier Bernhard bought 65,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were 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 insider directly owned 5,228,184 shares of the company’s stock, valued at $160,348,403.28. This trade represents a 1.26% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 68.57% of the stock is owned by insiders.

Institutional Investors Weigh In On ON

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jacobi Capital Management LLC lifted its stake in shares of ON by 3.6% in the fourth quarter. Jacobi Capital Management LLC now owns 6,875 shares of the company’s stock worth $320,000 after buying an additional 240 shares in the last quarter. J.W. Cole Advisors Inc. raised its stake in shares of ON by 2.4% in the fourth quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company’s stock valued at $571,000 after acquiring an additional 285 shares in the last quarter. Parallel Advisors LLC boosted its holdings in ON by 2.8% in the fourth quarter. Parallel Advisors LLC now owns 10,455 shares of the company’s stock valued at $486,000 after purchasing an additional 285 shares during the period. MetLife Investment Management LLC grew its stake in ON by 2.2% during the 4th quarter. MetLife Investment Management LLC now owns 14,411 shares of the company’s stock worth $670,000 after purchasing an additional 308 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake 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.

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.