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

On Holding AG (NYSE:ONON)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $29.70 and last traded at $29.73, with a volume of 3198476 shares trading hands. The stock had previously closed at $31.26.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on ONON shares. William Blair downgraded ON from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 11th. KeyCorp restated an “overweight” rating on shares of ON in a research note on Monday, August 10th. Needham & Company LLC cut their price target on ON from $45.00 to $37.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. UBS Group cut their price target on ON from $83.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Finally, Raymond James Financial cut shares of ON from a “strong-buy” rating to an “outperform” rating and reduced their price objective for the stock from $52.00 to $38.00 in a research report on Wednesday, August 12th. One 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.57.

ON Price Performance

The stock has a market capitalization of $19.14 billion, a price-to-earnings ratio of 20.41, a P/E/G ratio of 0.59 and a beta of 2.12. The company’s 50-day simple moving average is $36.07 and its 200-day simple moving average is $38.04. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.83 and a quick ratio of 2.25.

ON (NYSE:ONON) last posted its earnings results on Tuesday, August 11th. The company reported $0.35 EPS 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 analyst estimates of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. ON’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.09) EPS. Research analysts forecast that On Holding AG will post 1.51 earnings per share for the current fiscal year.

Insider Buying and Selling at ON

In other news, CEO Caspar Felix Coppetti acquired 65,000 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This represents a 2.74% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Olivier Bernhard acquired 65,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was purchased at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the acquisition, the insider owned 5,228,184 shares in the company, valued at approximately $160,348,403.28. This represents a 1.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 68.57% of the company’s stock.

Hedge Funds Weigh In On ON

Several institutional investors and hedge funds have recently modified their holdings of the business. TD Waterhouse Canada Inc. increased its position 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 acquiring an additional 5,625 shares during the period. Concurrent Investment Advisors LLC bought a new stake in ON in the 2nd quarter valued at about $288,000. Headlands Technologies LLC acquired a new position in shares of ON during the 2nd quarter worth approximately $630,000. Wellington Management Group LLP grew its position in shares of ON by 2.3% during the 2nd quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company’s stock worth $97,462,000 after purchasing an additional 62,404 shares in the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in shares of ON during the 2nd quarter worth approximately $2,851,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

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.