ON (NYSE:ONON) Sets 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 Tuesday . The stock traded as low as $27.97 and last traded at $27.9820, with a volume of 512523 shares. The stock had previously closed at $28.50.

Wall Street Analyst Weigh In

Several brokerages have commented on ONON. Bank of America restated a “buy” rating on shares of ON in a research report on Wednesday, August 12th. Sanford C. Bernstein reissued an “outperform” rating and set a $62.00 price objective on shares of ON in a report on Wednesday, August 12th. Needham & Company LLC dropped their target price on shares of ON from $45.00 to $37.00 and set a “buy” rating for the company in a report on Tuesday, August 11th. Weiss Ratings upgraded shares of ON from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Finally, Evercore set a $40.00 price target on ON in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.57.

ON Stock Performance

The firm’s fifty day moving average is $34.98 and its 200 day moving average is $37.35. The firm has a market capitalization of $17.87 billion, a price-to-earnings ratio of 19.07, a PEG ratio of 0.59 and a beta of 2.12. 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 issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 22.92% and a net margin of 12.09%.ON’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. On average, analysts predict that On Holding AG will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Olivier Bernhard purchased 65,000 shares of the firm’s stock in a transaction on Friday, August 14th. The stock was bought 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Caspar Felix Coppetti purchased 65,000 shares of the stock in a transaction dated Friday, August 14th. The stock was acquired at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the completion of the transaction, the chief executive officer owned 2,440,855 shares of the company’s stock, valued at $74,861,022.85. The trade was a 2.74% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure.

Hedge Funds Weigh In On ON

Hedge funds and other institutional investors have recently made changes to their positions in the business. Morgan Stanley increased its stake in ON by 40.9% in the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after acquiring an additional 6,997,455 shares during the period. Platinum Paramount Investment LTD. bought a new position in ON during the fourth quarter worth about $525,784,000. Sinvest Investments II Ltd. acquired a new stake in ON during the fourth quarter valued at approximately $390,432,000. Bamco Inc. NY boosted its holdings in ON by 13.9% during the fourth quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock valued at $251,247,000 after purchasing an additional 658,933 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of ON by 44.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company’s stock valued at $138,865,000 after purchasing an additional 1,026,804 shares during the period. 36.39% of the stock is owned by institutional investors.

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.