ON (NYSE:ONON) Raised to Buy at Wall Street Zen

ON (NYSE:ONON) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Several other brokerages have also recently weighed in on ONON. Weiss Ratings raised ON from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 12th. Barclays reduced their target price on shares of ON from $57.00 to $46.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Needham & Company LLC lowered their price target on shares of ON from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, May 12th. BTIG Research reissued a “buy” rating and set a $70.00 price target on shares of ON in a research note on Tuesday, March 3rd. Finally, Zacks Research downgraded shares of ON from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 11th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, ON has an average rating of “Moderate Buy” and a consensus price target of $55.05.

ON Stock Up 1.4%

NYSE ONON opened at $37.09 on Friday. The stock has a fifty day moving average of $37.28 and a 200-day moving average of $41.23. The stock has a market capitalization of $23.67 billion, a P/E ratio of 39.89, a price-to-earnings-growth ratio of 0.69 and a beta of 2.10. ON has a 52 week low of $31.41 and a 52 week high of $55.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98.

ON (NYSE:ONON) last released its earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share for the quarter, topping 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 company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $0.21 earnings per share. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. On average, equities research analysts forecast that ON will post 1.5 EPS for the current year.

Insider Buying and Selling

In other news, CEO Caspar Felix Coppetti purchased 60,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the transaction, the chief executive officer directly owned 2,375,855 shares of the company’s stock, valued at approximately $87,051,327.20. The trade was a 2.59% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $35.84, for a total transaction of $148,736.00. Following the completion of the sale, the chief executive officer owned 1,385,099 shares in the company, valued at $49,641,948.16. This represents a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders purchased 180,000 shares of company stock valued at $6,594,000 and sold 16,600 shares valued at $580,710. 68.57% of the stock is owned by insiders.

Institutional Investors Weigh In On ON

Hedge funds have recently bought and sold shares of the company. Cullen Frost Bankers Inc. boosted its position in shares of ON by 639.7% during the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after purchasing an additional 467 shares in the last quarter. Caitlin John LLC bought a new stake in shares of ON in the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC raised 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 buying an additional 312 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in ON during the 4th quarter worth $27,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in ON by 555.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after acquiring an additional 594 shares in the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Company Profile

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.