ON (NYSE:ONON) Trading Down 7.4% – Here’s What Happened

On Holding AG (NYSE:ONON) shares traded down 7.4% during mid-day trading on Monday . The company traded as low as $35.73 and last traded at $36.0130. Approximately 2,359,005 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 6,067,393 shares. The stock had previously closed at $38.88.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Weiss Ratings raised shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Evercore set a $42.00 target price on shares of ON in a research note on Tuesday, May 12th. Truist Financial decreased their target price on shares of ON from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Telsey Advisory Group cut their price target on shares of ON from $60.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, KeyCorp decreased 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. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.05.

ON Stock Performance

The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $37.10 and a 200 day moving average price of $41.56. The firm has a market capitalization of $23.22 billion, a PE ratio of 39.18, a price-to-earnings-growth ratio of 0.76 and a beta of 2.10.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.11. ON had a return on equity of 15.72% and a net margin of 7.92%.The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the business earned $0.21 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. Research analysts expect that On Holding AG will post 1.47 earnings per share for the current year.

Insider Buying and Selling at ON

In other ON news, insider Olivier Bernhard acquired 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the acquisition, the insider owned 5,163,184 shares of the company’s stock, valued at approximately $189,127,429.92. This trade represents a 1.18% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Caspar Felix Coppetti bought 60,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the completion of the purchase, the chief executive officer owned 2,375,855 shares in the company, valued at $87,051,327.20. This trade represents a 2.59% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 180,000 shares of company stock valued at $6,594,000 and have sold 16,600 shares valued at $580,710.

Hedge Funds Weigh In On ON

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ONON. Cullen Frost Bankers Inc. grew its stake in ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock worth $25,000 after purchasing an additional 467 shares in the last quarter. Caitlin John LLC purchased a new position in ON in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC increased its stake in ON by 69.6% in the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after purchasing an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in ON during the fourth quarter worth approximately $27,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of ON by 555.1% during 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 during 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.