ON (NYSE:ONON) Sees Large Volume Increase – Here’s What Happened

Shares of On Holding AG (NYSE:ONON) saw strong trading volume on Tuesday . Approximately 14,036,330 shares changed hands during mid-day trading, an increase of 116% from the previous session’s volume of 6,502,427 shares.The stock last traded at $30.8480 and had previously closed at $27.32.

Analyst Ratings Changes

ONON has been the topic of a number of research analyst reports. UBS Group reduced their price objective on shares of ON from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Williams Trading set a $32.00 target price on shares of ON in a research report on Tuesday, August 11th. Raymond James Financial lowered shares of ON from a “strong-buy” rating to an “outperform” rating and cut their target price for the company from $52.00 to $38.00 in a research note on Wednesday, August 12th. William Blair cut shares of ON from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Finally, Capital One Financial set a $28.00 price target on ON in a research note on Tuesday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.92.

ON Stock Performance

The company has a 50-day moving average of $32.24 and a 200-day moving average of $35.34. The firm has a market capitalization of $19.57 billion, a price-to-earnings ratio of 20.87, a price-to-earnings-growth ratio of 0.55 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 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 analyst estimates of $1.09 billion. During the same period in the prior year, the firm earned ($0.09) EPS. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, equities research analysts forecast that On Holding AG will post 1.49 earnings per share for the current fiscal year.

Insider Transactions at ON

In other ON news, insider Olivier Bernhard purchased 65,000 shares of ON stock in a transaction dated 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 transaction, the insider owned 5,228,184 shares in the company, valued at $160,348,403.28. This represents a 1.26% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Caspar Coppetti purchased 65,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was acquired at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the acquisition, the chief executive officer directly owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. This trade represents a 2.74% increase in their position. The disclosure for this purchase is available in the SEC filing.

Hedge Funds Weigh In On ON

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC raised its position in shares of ON by 2.8% during the fourth quarter. Parallel Advisors LLC now owns 10,455 shares of the company’s stock valued at $486,000 after buying an additional 285 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in ON by 69.6% during the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock worth $26,000 after buying an additional 312 shares in the last quarter. Americana Partners LLC grew its position in ON by 4.6% during the fourth quarter. Americana Partners LLC now owns 7,496 shares of the company’s stock worth $348,000 after buying an additional 331 shares in the last quarter. Wesbanco Bank Inc. increased its stake in ON by 0.6% during the first quarter. Wesbanco Bank Inc. now owns 69,703 shares of the company’s stock valued at $2,371,000 after acquiring an additional 400 shares during the period. Finally, TD Private Client Wealth LLC increased its stake in ON by 109.9% during the fourth quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock valued at $37,000 after acquiring an additional 421 shares during the period. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.