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

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

Other equities research analysts also recently issued reports about the stock. Weiss Ratings raised shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Barclays decreased their price objective on shares of ON from $57.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Raymond James Financial upgraded shares of ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 target price for the company in a research note on Thursday, April 23rd. UBS Group dropped their target price on ON from $85.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, July 29th. Finally, Needham & Company LLC decreased their price target on ON from $52.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.63.

ON Stock Down 2.3%

ON stock opened at $37.31 on Wednesday. The firm has a market capitalization of $23.81 billion, a P/E ratio of 40.12, a P/E/G ratio of 0.71 and a beta of 2.12. 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 twelve month low of $31.41 and a twelve month high of $52.20. The stock’s fifty day simple moving average is $37.40 and its 200-day simple moving average is $39.01.

ON (NYSE:ONON) last released its earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. ON had a return on equity of 15.72% and a net margin of 7.92%.The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the business posted $0.21 earnings per share. ON’s revenue was up 14.5% compared to the same quarter last year. As a group, equities analysts expect that ON will post 1.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Olivier Bernhard bought 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, for a total transaction of $2,197,800.00. Following the completion of the transaction, the insider owned 5,163,184 shares of the company’s stock, valued at approximately $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO David Michael Allemann bought 60,000 shares of ON stock in a transaction dated Thursday, May 14th. The stock was purchased at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the acquisition, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. The trade was a 2.16% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have bought 180,000 shares of company stock valued at $6,594,000. 68.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ONON. Cullen Frost Bankers Inc. boosted its holdings in shares of ON by 639.7% in the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after acquiring an additional 467 shares during the period. Caitlin John LLC acquired a new position in shares of ON in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC raised its position in ON by 69.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after purchasing an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in ON during the 4th quarter worth $27,000. Finally, Caitong International Asset Management Co. Ltd grew its position in ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the last quarter. 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.