ON (NYSE:ONON) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of ON (NYSE:ONON) from a buy rating to a hold rating in a research note released on Saturday.

A number of other research firms also recently commented on ONON. KeyCorp cut their price objective on ON from $58.00 to $43.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Truist Financial decreased their target price on ON from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Guggenheim reissued a “buy” rating and set a $51.00 target price on shares of ON in a research report on Wednesday, May 13th. JPMorgan Chase & Co. assumed coverage on shares of ON in a report on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price target on the stock. Finally, Barclays reduced their price target on shares of ON from $57.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, ON presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.79.

ON Stock Down 2.6%

Shares of ONON opened at $37.22 on Friday. ON has a fifty-two week low of $31.41 and a fifty-two week high of $54.37. The company’s fifty day moving average is $37.57 and its two-hundred day moving average is $40.09. The firm has a market cap of $23.75 billion, a PE ratio of 40.02, a price-to-earnings-growth ratio of 0.69 and a beta of 2.12. 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 (NYSE:ONON) last released its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. ON had a return on equity of 15.72% and a net margin of 7.92%.The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm posted $0.21 EPS. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. Analysts forecast that ON will post 1.51 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO David Michael Allemann bought 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the acquisition, the chief executive officer owned 2,841,108 shares in the company, valued at $104,069,786.04. This represents a 2.16% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Olivier Bernhard purchased 60,000 shares of ON stock in a transaction that occurred on Thursday, May 14th. The shares were bought at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the transaction, the insider directly owned 5,163,184 shares in the company, valued at $189,127,429.92. This represents a 1.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 180,000 shares of company stock worth $6,594,000. Company insiders own 68.57% of the company’s stock.

Institutional Trading of ON

Hedge funds have recently made changes to their positions in the company. Cullen Frost Bankers Inc. boosted its stake in shares of ON by 639.7% in the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after purchasing an additional 467 shares during the period. Caitlin John LLC acquired a new stake in ON during the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC increased its stake in ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock worth $26,000 after buying an additional 312 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in ON during the 4th quarter worth $27,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in ON by 555.1% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

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.