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

On Holding AG (NYSE:ONON) reached a new 52-week low during trading on Tuesday . The stock traded as low as $27.97 and last traded at $27.9820, with a volume of 512523 shares trading hands. The stock had previously closed at $28.50.

Analyst Upgrades and Downgrades

ONON has been the subject of a number of analyst reports. Needham & Company LLC lowered their target price on shares of ON from $45.00 to $37.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Bank of America reissued a “buy” rating on shares of ON in a research note on Wednesday, August 12th. BTIG Research reduced their price target on ON from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Robert W. Baird decreased their price objective on ON from $70.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Finally, Raymond James Financial downgraded ON from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $52.00 to $38.00 in a report on Wednesday, August 12th. One investment 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.57.

ON Stock Performance

The stock has a market capitalization of $17.72 billion, a P/E ratio of 18.89, a P/E/G ratio of 0.56 and a beta of 2.08. The stock has a 50 day simple moving average of $34.65 and a two-hundred day simple moving average of $37.11. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.07). The firm had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. ON’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.09) earnings per share. On average, equities analysts forecast that On Holding AG will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Olivier Bernhard bought 65,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the transaction, the insider directly owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Caspar Felix Coppetti acquired 65,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was acquired at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the purchase, the chief executive officer directly 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 position. The SEC filing for this purchase provides additional information. Insiders own 68.57% of the company’s stock.

Institutional Trading of ON

A number of institutional investors have recently added to or reduced their stakes in ONON. California State Teachers Retirement System raised its stake in ON by 812.6% in the second quarter. California State Teachers Retirement System now owns 113,061 shares of the company’s stock valued at $4,005,000 after purchasing an additional 100,672 shares in the last quarter. TD Waterhouse Canada Inc. raised its position in shares of ON by 44.1% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 18,378 shares of the company’s stock valued at $654,000 after buying an additional 5,625 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of ON during the 2nd quarter worth $288,000. Headlands Technologies LLC purchased a new position in ON in the second quarter worth $630,000. Finally, Wellington Management Group LLP increased its stake in ON by 2.3% in the second quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock valued at $97,462,000 after acquiring an additional 62,404 shares during 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.