ON (NYSE:ONON) Hits New 1-Year Low – Should You Sell?

On Holding AG (NYSE:ONON) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $27.29 and last traded at $27.2050, with a volume of 1255931 shares changing hands. The stock had previously closed at $27.99.

Analyst Ratings Changes

ONON has been the subject of several research reports. Bank of America restated a “buy” rating on shares of ON in a research report on Wednesday, August 12th. Raymond James Financial downgraded ON from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $52.00 to $38.00 in a research report on Wednesday, August 12th. Telsey Advisory Group lowered their target price on ON from $51.00 to $43.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Wall Street Zen downgraded ON from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Needham & Company LLC reduced their price target on ON from $45.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, August 11th. 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 two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $45.43.

ON Price Performance

The company’s fifty day moving average price is $33.82 and its 200 day moving average price is $36.45. The company has a market capitalization of $17.15 billion, a P/E ratio of 18.28, a PEG ratio of 0.55 and a beta of 2.08. 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 issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.07). The company 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%. The company’s quarterly revenue was up 13.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.09) earnings per share. As a group, sell-side analysts forecast that On Holding AG will post 1.47 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Caspar Coppetti acquired 65,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was acquired 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 of the company’s stock, valued at $74,861,022.85. This trade represents a 2.74% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Olivier Bernhard acquired 65,000 shares of ON stock in a transaction on Friday, August 14th. The shares were purchased at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the purchase, the insider directly owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. This represents a 1.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 68.57% of the company’s stock.

Institutional Investors Weigh In On ON

Large investors have recently modified their holdings of the business. Platinum Paramount Investment LTD. acquired a new stake in ON in the fourth quarter valued at approximately $525,784,000. Sinvest Investments II Ltd. bought a new position in shares of ON in the 4th quarter valued at $390,432,000. Morgan Stanley grew its position in ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after acquiring an additional 6,997,455 shares during the last quarter. Norges Bank acquired a new position in ON in the 4th quarter worth about $128,826,000. Finally, Ameriprise Financial Inc. increased its holdings in ON by 4,564.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company’s stock worth $119,752,000 after purchasing an additional 2,242,480 shares in the last quarter. Institutional investors and hedge funds own 36.39% of the company’s stock.

ON Company Profile

On Holding AG, known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company is particularly recognized for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and Speedboard components designed to support comfort, responsiveness and energy return.

On serves athletes and consumers across categories including running, outdoor activities, training and everyday performance. Its products are sold through the company’s direct-to-consumer channels, including its website and branded retail stores, as well as through a network of wholesale partners in markets around the world.

On was founded in 2010 in Switzerland by Olivier Bernhard, David Allemann and Caspar Coppetti.