Traders Purchase High Volume of ON Put Options (NYSE:ONON)

On Holding AG (NYSE:ONON) saw unusually large options trading on Tuesday. Traders bought 13,182 put options on the company. This represents an increase of 7% compared to the average volume of 12,269 put options.

ON Price Performance

NYSE:ONON opened at $28.82 on Wednesday. ON has a 12-month low of $28.55 and a 12-month high of $51.08. The firm has a market cap of $18.39 billion, a price-to-earnings ratio of 19.60, a price-to-earnings-growth ratio of 0.60 and a beta of 2.12. The company’s 50-day moving average is $35.70 and its two-hundred day moving average is $37.77. 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 issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%.The business’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.09) earnings per share. Research analysts expect that ON will post 1.47 EPS for the current year.

Analyst Upgrades and Downgrades

ONON has been the subject of a number of research reports. Guggenheim restated a “buy” rating and set a $51.00 target price on shares of ON in a research report on Wednesday, May 13th. UBS Group dropped their price objective on shares of ON from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Barclays cut their price objective on ON from $46.00 to $42.00 and set an “overweight” rating for the company in a research report on Wednesday, August 12th. BTIG Research reduced their target price on ON from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, August 11th. Finally, Robert W. Baird lowered their target price on ON from $70.00 to $55.00 and set an “outperform” rating on the stock 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 assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.57.

Insiders Place Their Bets

In other news, insider Olivier Bernhard bought 65,000 shares of the stock in a transaction on Friday, August 14th. The shares were bought at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the acquisition, the insider owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. This trade represents a 1.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Caspar Felix Coppetti purchased 65,000 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was purchased 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 owned 2,440,855 shares of the company’s stock, valued at approximately $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.

Institutional Trading of ON

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cullen Frost Bankers Inc. lifted its stake in shares of ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after purchasing an additional 467 shares during the period. Caitlin John LLC acquired a new position in ON in the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC increased 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 during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in ON during the fourth quarter worth about $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 worth $33,000 after buying an additional 594 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

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.