ON (NYSE:ONON) Downgraded by Wall Street Zen to Hold

ON (NYSE:ONON) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other analysts have also weighed in on ONON. Evercore set a $42.00 price target on ON in a report on Tuesday, May 12th. Guggenheim reaffirmed a “buy” rating and set a $51.00 price objective on shares of ON in a research note on Wednesday, May 13th. JPMorgan Chase & Co. initiated coverage on shares of ON in a research report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 price objective on the stock. Barclays cut their price objective on shares of ON from $57.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Finally, KeyCorp lowered their target price on shares of ON from $58.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.79.

ON Trading Down 2.6%

Shares of NYSE ONON opened at $37.22 on Friday. The business’s 50 day moving average is $37.57 and its two-hundred day moving average is $40.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39. ON has a 1-year low of $31.41 and a 1-year high of $54.37. The stock has a market capitalization of $23.75 billion, a P/E ratio of 40.02, a PEG ratio of 0.71 and a beta of 2.12.

ON (NYSE:ONON) last issued its quarterly earnings data 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. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. ON had a return on equity of 15.72% and a net margin of 7.92%.The company’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.21 earnings per share. As a group, research analysts expect that ON will post 1.51 EPS for the current year.

Insiders Place Their Bets

In other ON news, CEO David Michael Allemann bought 60,000 shares of ON stock in a transaction on 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 purchase, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. This trade represents a 2.16% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Olivier Bernhard bought 60,000 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were acquired at an average price of $36.63 per share, with a total value 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. The trade was a 1.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 180,000 shares of company stock worth $6,594,000 in the last 90 days. 68.57% of the stock is 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 position in ON by 639.7% in the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after buying an additional 467 shares during the period. Caitlin John LLC purchased a new position in shares of ON during the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC increased its position in shares of 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 acquiring an additional 312 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of ON during the fourth quarter valued at approximately $27,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of ON by 555.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock valued at $33,000 after acquiring an additional 594 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.