ON (NYSE:ONON) Upgraded at Berenberg Bank

ON (NYSE:ONON) was upgraded by Berenberg Bank to a “strong-buy” rating in a report released on Monday, Zacks reports.

A number of other research analysts have also weighed in on ONON. Robert W. Baird decreased their price target on shares of ON from $70.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. KeyCorp reiterated an “overweight” rating on shares of ON in a research note on Monday, August 10th. Capital One Financial set a $28.00 target price on ON in a report on Tuesday, September 8th. Wall Street Zen downgraded ON from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Finally, Needham & Company LLC decreased their target price on ON from $45.00 to $37.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, ON has a consensus rating of “Moderate Buy” and a consensus price target of $44.75.

ON Stock Performance

NYSE:ONON opened at $26.76 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. The company has a fifty day moving average of $33.05 and a two-hundred day moving average of $35.87. The stock has a market capitalization of $17.08 billion, a PE ratio of 18.21, a P/E/G ratio of 0.55 and a beta of 2.08. ON has a fifty-two week low of $26.60 and a fifty-two week high of $51.08.

ON (NYSE:ONON) last announced its 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). ON had a net margin of 12.09% and a return on equity of 22.92%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter last year, the business earned ($0.09) EPS. The firm’s revenue for the quarter was up 13.5% compared to the same quarter last year. As a group, research analysts forecast that ON will post 1.49 earnings per share for the current fiscal year.

Insider Activity

In other ON news, CEO Caspar Coppetti acquired 65,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the purchase, the chief executive officer owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. The trade was a 2.74% increase in their ownership of the stock. The transaction 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 the business’s stock in a transaction 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 acquisition, the insider owned 5,228,184 shares in the company, valued at $160,348,403.28. The trade was a 1.26% increase in their position. The SEC filing for this purchase provides additional information.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ONON. Sequoia Financial Advisors LLC acquired a new stake in shares of ON in the second quarter valued at approximately $223,000. Capital Analysts LLC lifted its position in ON by 15.5% during the second quarter. Capital Analysts LLC now owns 6,049 shares of the company’s stock worth $214,000 after buying an additional 810 shares in the last quarter. NewEdge Advisors LLC boosted its stake in ON by 26.8% during the second quarter. NewEdge Advisors LLC now owns 25,494 shares of the company’s stock worth $903,000 after buying an additional 5,394 shares during the last quarter. TD Waterhouse Canada Inc. boosted its stake in ON by 44.1% during the second quarter. TD Waterhouse Canada Inc. now owns 18,378 shares of the company’s stock worth $654,000 after buying an additional 5,625 shares during the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new stake in ON in the 2nd quarter valued at $288,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

About ON

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.