ON (NYSE:ONON) Reaches New 12-Month Low – Here’s Why

Shares of On Holding AG (NYSE:ONON) reached a new 52-week low on Thursday . The stock traded as low as $29.70 and last traded at $29.73, with a volume of 3198476 shares. The stock had previously closed at $31.26.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ONON. JPMorgan Chase & Co. started coverage on ON in a research note on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price objective on the stock. Guggenheim reiterated a “buy” rating and issued a $51.00 target price on shares of ON in a research note on Wednesday, May 13th. William Blair lowered shares of ON from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Truist Financial dropped their price target on shares of ON from $48.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Finally, Evercore set a $40.00 price objective on shares of ON in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $48.57.

ON Price Performance

The business has a fifty day moving average of $36.42 and a 200-day moving average of $38.20. The company has a current ratio of 2.83, a quick ratio of 2.25 and a debt-to-equity ratio of 0.25. The firm has a market cap of $19.11 billion, a PE ratio of 20.37, a PEG ratio of 0.62 and a beta of 2.12.

ON (NYSE:ONON) last posted its earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share 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 company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the firm earned ($0.09) EPS. The firm’s quarterly revenue was up 13.5% compared to the same quarter last year. As a group, research analysts predict that On Holding AG will post 1.51 earnings per share for the current year.

Insider Activity at ON

In other news, insider Olivier Bernhard purchased 65,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was purchased 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 in the company, valued at approximately $160,348,403.28. This trade represents a 1.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Caspar Felix Coppetti purchased 65,000 shares of ON stock in a transaction dated Friday, August 14th. The shares were purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the transaction, the chief executive officer directly owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 68.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ON

A number of institutional investors have recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. boosted its position in shares of ON by 639.7% during the 4th 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 last quarter. Caitlin John LLC bought a new position in shares of ON in the fourth quarter worth approximately $25,000. EverSource Wealth Advisors LLC raised its stake in ON by 69.6% in the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after purchasing an additional 312 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in ON during the fourth quarter valued at approximately $27,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in 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 purchasing an additional 594 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors.

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.