ON (NYSE:ONON) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of ON (NYSE:ONON) from a hold rating to a strong-buy rating in a report published on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Evercore set a $42.00 price target on ON in a research note on Tuesday, May 12th. Wall Street Zen upgraded ON from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. JPMorgan Chase & Co. began coverage on ON in a research report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 target price on the stock. Telsey Advisory Group decreased their price target on ON from $60.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Finally, Needham & Company LLC decreased their price target on ON from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.79.

ON Stock Performance

NYSE ONON opened at $36.35 on Tuesday. 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. The business’s 50-day moving average price is $37.25 and its 200 day moving average price is $40.51. The firm has a market cap of $23.20 billion, a P/E ratio of 39.09, a P/E/G ratio of 0.67 and a beta of 2.12.

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

Insiders Place Their Bets

In related news, insider Olivier Bernhard purchased 60,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the acquisition, the insider directly owned 5,163,184 shares of the company’s stock, valued at approximately $189,127,429.92. The trade was a 1.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David Michael Allemann bought 60,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was bought at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the purchase, the chief executive officer owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. This represents a 2.16% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 180,000 shares of company stock valued at $6,594,000 and sold 12,450 shares valued at $441,352. Corporate insiders own 68.57% of the company’s stock.

Institutional Investors Weigh In On ON

Institutional investors and hedge funds have recently made changes to their positions in the company. Platinum Paramount Investment LTD. bought a new stake in shares of ON during the 4th quarter valued at about $525,784,000. Sinvest Investments II Ltd. bought a new position in ON in the fourth quarter worth about $390,432,000. Morgan Stanley lifted its holdings in ON by 40.9% in the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after acquiring an additional 6,997,455 shares during the last quarter. FengHe Fund Management Pte. Ltd. acquired a new position in ON in the fourth quarter valued at approximately $142,425,000. Finally, Norges Bank acquired a new position in ON in the fourth quarter valued at approximately $128,826,000. 36.39% of the stock is 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.