ON (NYSE:ONON) Stock Moved Up to “Strong-Buy” by Wolfe Research

ON (NYSE:ONON) was upgraded by investment analysts at Wolfe Research to a “strong-buy” rating in a research report issued on Wednesday, Zacks reports.

Several other equities research analysts also recently weighed in on ONON. Raymond James Financial increased their price target on ON from $38.00 to $42.00 and gave the stock an “outperform” rating in a report on Friday, October 16th. BTIG Research reaffirmed a “buy” rating and set a $60.00 price target on shares of ON in a research note on Wednesday, September 23rd. Evercore set a $40.00 target price on shares of ON in a report on Wednesday, August 12th. Citigroup reissued a “buy” rating on shares of ON in a research report on Wednesday, September 23rd. Finally, Guggenheim set a $42.00 price target on shares of ON in a research note on Friday, September 11th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ON presently has an average rating of “Moderate Buy” and an average price target of $43.48.

ON Stock Performance

Shares of ONON stock opened at $34.04 on Wednesday. The firm has a fifty day moving average price of $30.47 and a 200 day moving average price of $34.54. The company has a market cap of $21.72 billion, a P/E ratio of 23.16, a PEG ratio of 0.68 and a beta of 2.08. ON has a 12 month low of $26.36 and a 12 month high of $51.08. 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 announced 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 net margin of 12.09% and a return on equity of 22.92%. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period last year, the company earned ($0.09) earnings per share. Sell-side analysts predict that ON will post 1.50 earnings per share for the current fiscal year.

Insider Activity at ON

In other ON news, insider Olivier Bernhard acquired 65,000 shares of the firm’s stock in a transaction that occurred on 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 acquisition, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Caspar Coppetti bought 65,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the transaction, the chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 68.57% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ONON. Wellington Management Group LLP raised its position in ON by 2.3% during the second quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock valued at $97,462,000 after buying an additional 62,404 shares during the period. Bessemer Group Inc. grew its position in shares of ON by 5.7% in the first quarter. Bessemer Group Inc. now owns 1,194,774 shares of the company’s stock valued at $40,647,000 after purchasing an additional 63,932 shares during the last quarter. APEIRON CAPITAL Ltd lifted its holdings in shares of ON by 25.2% during the first quarter. APEIRON CAPITAL Ltd now owns 996,052 shares of the company’s stock worth $33,886,000 after buying an additional 200,200 shares during the last quarter. Riposte Capital LLC raised its position in shares of ON by 30.0% during the first quarter. Riposte Capital LLC now owns 325,000 shares of the company’s stock valued at $11,056,000 after buying an additional 75,000 shares during the last quarter. Finally, Peregrine Capital Management LLC lifted its position in shares of ON by 5.9% in the 1st quarter. Peregrine Capital Management LLC now owns 296,861 shares of the company’s stock worth $10,099,000 after acquiring an additional 16,440 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

About ON

On Holding AG, commonly known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company serves athletes and everyday consumers with products designed for running, training, outdoor activities and lifestyle use.

On is best known for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and the Speedboard propulsion system. Its product portfolio also includes athletic clothing, outerwear and accessories.