ON (NYSE:ONON) Upgraded by Berenberg Bank to “Strong-Buy” Rating

Berenberg Bank upgraded shares of ON (NYSE:ONON) to a strong-buy rating in a report released on Monday morning,Zacks reports.

Other analysts have also recently issued research reports about the company. Raymond James Financial cut ON from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $52.00 to $38.00 in a research report on Wednesday, August 12th. Wall Street Zen cut ON from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings downgraded ON from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, September 8th. KeyCorp reaffirmed an “overweight” rating on shares of ON in a report on Monday, August 10th. Finally, BMO Capital Markets started coverage on shares of ON in a research report on Tuesday, September 8th. They set a “market perform” rating and a $28.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.75.

ON Stock Down 2.6%

ONON opened at $26.76 on Monday. The stock has a market cap of $17.08 billion, a price-to-earnings ratio of 18.21, a price-to-earnings-growth ratio of 0.55 and a beta of 2.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. The firm’s fifty day moving average is $33.05 and its 200 day moving average is $35.87. ON has a fifty-two week low of $26.60 and a fifty-two week high of $51.08.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a return on equity of 22.92% and a net margin of 12.09%.The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the previous year, the company posted ($0.09) EPS. The company’s quarterly revenue was up 13.5% on a year-over-year basis. On average, sell-side analysts forecast that ON will post 1.49 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Caspar Coppetti bought 65,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the transaction, the chief executive officer owned 2,440,855 shares of the company’s stock, valued at approximately $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Olivier Bernhard bought 65,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $30.67 per share, for a total transaction 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 represents a 1.26% increase in their position. The disclosure for this purchase is available in the SEC filing.

Institutional Trading of ON

Several hedge funds have recently modified their holdings of ONON. Wellington Management Group LLP raised its position in ON by 2.3% in the 2nd quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock worth $97,462,000 after purchasing an additional 62,404 shares during the period. One Capital Management LLC purchased a new position in shares of ON during the fourth quarter valued at approximately $8,887,000. Quantinno Capital Management LP grew its stake in shares of ON by 89.6% during the first quarter. Quantinno Capital Management LP now owns 66,947 shares of the company’s stock valued at $2,278,000 after buying an additional 31,641 shares during the last quarter. Norges Bank bought a new position in shares of ON during the fourth quarter valued at approximately $128,826,000. Finally, Lisanti Capital Growth LLC purchased a new stake in shares of ON in the fourth quarter worth approximately $4,455,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Company Profile

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.