ON (NYSE:ONON) Stock Rating Upgraded by Zacks Research

ON (NYSE:ONON) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the stock. Telsey Advisory Group decreased their target price on shares of ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. KeyCorp cut their price objective 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. Weiss Ratings upgraded shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Wall Street Zen raised shares of ON from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. Finally, Needham & Company LLC dropped their target price on ON from $52.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.79.

ON Stock Performance

Shares of ONON stock opened at $36.35 on Tuesday. The stock has a market cap of $23.20 billion, a PE ratio of 39.09, a price-to-earnings-growth ratio of 0.67 and a beta of 2.12. The business has a 50-day simple moving average of $37.25 and a 200-day simple moving average of $40.51. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. ON has a 52-week low of $31.41 and a 52-week high of $54.72.

ON (NYSE:ONON) last posted its earnings results on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. ON had a return on equity of 15.72% and a net margin of 7.92%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the company earned $0.21 earnings per share. ON’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, equities analysts expect that ON will post 1.52 EPS for the current year.

Insider Activity at ON

In related news, CEO Caspar Felix Coppetti bought 60,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was acquired at an average price of $36.64 per share, with a total value of $2,198,400.00. Following the completion of the purchase, the chief executive officer directly owned 2,375,855 shares of the company’s stock, valued at approximately $87,051,327.20. This trade represents a 2.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Martin Hoffmann sold 4,150 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $35.84, for a total transaction of $148,736.00. Following the transaction, the chief executive officer owned 1,385,099 shares of the company’s stock, valued at approximately $49,641,948.16. This trade represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have purchased 180,000 shares of company stock valued at $6,594,000 and have sold 12,450 shares valued at $441,352. Company insiders own 68.57% of the company’s stock.

Institutional Investors Weigh In On ON

Several large investors have recently bought and sold shares of the company. Bison Wealth LLC lifted its position in shares of ON by 35.7% in the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock valued at $509,000 after acquiring an additional 2,442 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of ON during the second quarter worth approximately $517,000. Invesco Ltd. raised its stake in ON by 305.5% in the 2nd quarter. Invesco Ltd. now owns 157,281 shares of the company’s stock valued at $8,186,000 after purchasing an additional 118,498 shares during the last quarter. Cresset Asset Management LLC raised its stake in ON by 13.5% in the 2nd quarter. Cresset Asset Management LLC now owns 7,232 shares of the company’s stock valued at $376,000 after purchasing an additional 860 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in ON by 91.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company’s stock valued at $139,000 after purchasing an additional 1,273 shares in the last quarter. 36.39% of the stock is currently owned by hedge funds and other 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.