ON (NYSE:ONON) Stock Rating Raised to Strong-Buy at Wolfe Research

ON (NYSE:ONON) was upgraded by analysts at Wolfe Research to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

ONON has been the subject of a number of other reports. Telsey Advisory Group decreased their price target on ON from $51.00 to $43.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Capital One Financial set a $28.00 price objective on shares of ON in a research note on Tuesday, September 8th. William Blair cut shares of ON from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 11th. Citigroup reissued a “buy” rating on shares of ON in a research note on Wednesday, September 23rd. Finally, Sanford C. Bernstein reiterated an “outperform” rating on shares of ON in a report on Thursday, September 24th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.48.

ON Stock Down 0.5%

Shares of NYSE:ONON opened at $34.04 on Wednesday. ON has a 52 week low of $26.36 and a 52 week high of $51.08. The company has a 50 day moving average price of $30.47 and a two-hundred day moving average price of $34.54. The company has a market capitalization of $21.72 billion, a PE ratio of 23.16, a PEG ratio of 0.68 and a beta of 2.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). ON had a return on equity of 22.92% and a net margin of 12.09%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business earned ($0.09) EPS. The company’s revenue for the quarter was up 13.5% compared to the same quarter last year. Analysts forecast that ON will post 1.50 earnings per share for the current year.

Insider Transactions at ON

In other news, CEO Caspar Coppetti acquired 65,000 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were acquired 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 chief executive officer owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. This trade represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Olivier Bernhard acquired 65,000 shares of the company’s stock in a transaction on Friday, August 14th. The shares were acquired 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 of the company’s stock, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 68.57% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Investment House LLC bought a new stake in ON in the 3rd quarter worth $3,194,000. Guardian Partners Inc. purchased a new stake in shares of ON in the 3rd quarter worth approximately $41,000. OceanIQ Capital LLC grew its position in ON by 67.5% during the 3rd quarter. OceanIQ Capital LLC now owns 6,700 shares of the company’s stock valued at $198,000 after purchasing an additional 2,700 shares during the last quarter. Independent Wealth Network Inc. increased its holdings in shares of ON by 72.8% in the 3rd quarter. Independent Wealth Network Inc. now owns 13,135 shares of the company’s stock worth $389,000 after purchasing an additional 5,535 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of ON during the third quarter valued at approximately $899,000. Institutional investors own 36.39% of the company’s stock.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company serves athletes and everyday consumers with products designed for running, training, outdoor activities and lifestyle use.

On is best known for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and the Speedboard propulsion system. Its product portfolio also includes athletic clothing, outerwear and accessories.