ON (NYSE:ONON) Stock Rating Upgraded by Berenberg Bank

by · The Markets Daily

ON (NYSE:ONON – Get Free Report) was upgraded by equities research analysts at Berenberg Bank to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other brokerages also recently issued reports on ONON. Truist Financial reduced their price objective on ON from $48.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. Robert W. Baird dropped their price objective on ON from $70.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. The Goldman Sachs Group set a $42.00 price objective on ON in a research report on Wednesday, August 12th. KeyCorp reissued an “overweight” rating on shares of ON in a research note on Monday, August 10th. Finally, JPMorgan Chase & Co. began coverage on shares of ON in a report on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, ON presently has an average rating of “Moderate Buy” and an average price target of $44.75.

Read Our Latest Research Report on ON

ON Trading Down 2.6%

Shares of ON stock opened at $26.76 on Monday. ON has a 1 year low of $26.60 and a 1 year high of $51.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.83 and a quick ratio of 2.25. The business has a 50 day moving average price of $33.05 and a 200 day moving average price of $35.87. The company has a market capitalization of $17.08 billion, a P/E ratio of 18.21, a P/E/G ratio of 0.55 and a beta of 2.08.

ON (NYSE:ONON – Get Free Report) last announced its 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). The company had revenue of $1.05 billion for 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 quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.09) EPS. Sell-side analysts anticipate that ON will post 1.49 EPS for the current fiscal year.

Insider Activity

In other ON news, CEO Caspar Coppetti bought 65,000 shares of ON stock in a transaction that occurred on Friday, August 14th. The shares were purchased 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. This represents a 2.74% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Olivier Bernhard acquired 65,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were bought at an average price 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 trade represents a 1.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Trading of ON

Several institutional investors have recently made changes to their positions in the stock. Platinum Paramount Investment LTD. purchased a new stake in shares of ON during the 4th quarter valued at $525,784,000. Bamco Inc. NY raised its position in shares of ON by 13.9% in the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock worth $251,247,000 after buying an additional 658,933 shares during the period. Norges Bank acquired a new position in ON in the fourth quarter valued at $128,826,000. Clearbridge Investments LLC boosted its holdings in ON by 110.3% in the fourth quarter. Clearbridge Investments LLC now owns 2,179,978 shares of the company’s stock valued at $101,325,000 after acquiring an additional 1,143,414 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in ON by 40.5% during the fourth quarter. Franklin Resources Inc. now owns 2,126,297 shares of the company’s stock valued at $98,830,000 after acquiring an additional 613,063 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

About ON

(Get Free Report)

On Holding AG, known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company is particularly recognized for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and Speedboard components designed to support comfort, responsiveness and energy return.

On serves athletes and consumers across categories including running, outdoor activities, training and everyday performance. Its products are sold through the company’s direct-to-consumer channels, including its website and branded retail stores, as well as through a network of wholesale partners in markets around the world.

On was founded in 2010 in Switzerland by Olivier Bernhard, David Allemann and Caspar Coppetti.

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