ON (NYSE:ONON) Rating Increased to Strong-Buy at Berenberg Bank

Key Points

• Berenberg Bank upgraded ON Holding to “strong buy,” while analysts overall maintain a “moderate buy” consensus with an average price target of $44.75.
• ON shares opened at $26.76, near their 52-week low of $26.60 and down substantially from the 52-week high of $51.08. The company’s latest quarterly results missed expectations, with EPS of $0.35 versus $0.42 expected and revenue of $1.05 billion versus $1.09 billion forecast.
• CEO Caspar Coppetti and insider Olivier Bernhard each purchased 65,000 shares at approximately $30.67 per share, while institutional investors own 36.39% of the company.

ON (NYSE:ONON - Get Free Report) was upgraded by Berenberg Bank to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

A number of other research firms have also issued reports on ONON. Barclays reduced their price target on shares of ON from $46.00 to $42.00 and set an "overweight" rating for the company in a research report on Wednesday, August 12th. William Blair lowered shares of ON from an "outperform" rating to a "market perform" rating in a research note on Tuesday, August 11th. Evercore set a $40.00 price objective on shares of ON in a research note on Wednesday, August 12th. KeyCorp reissued an "overweight" rating on shares of ON in a report on Monday, August 10th. Finally, Zacks Research downgraded shares of ON from a "hold" rating to a "strong sell" rating in a research report on Thursday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $44.75.

ON Stock Down 2.6%

Shares of ONON stock opened at $26.76 on Monday. The stock's 50-day simple moving average is $33.05 and its 200-day simple moving average is $35.87. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. The firm has a market capitalization of $17.08 billion, a PE ratio of 18.21, a P/E/G ratio of 0.55 and a beta of 2.08. ON has a fifty-two week low of $26.60 and a fifty-two week high of $51.08.

ON (NYSE:ONON - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.07). The firm had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.09 billion. ON had a return on equity of 22.92% and a net margin of 12.09%.The company's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) earnings per share. Equities analysts expect that ON will post 1.49 earnings per share for the current year.

Insider Activity at ON

In other news, CEO Caspar Coppetti bought 65,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This trade represents a 2.74% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Olivier Bernhard bought 65,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the purchase, 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. The disclosure for this purchase is available in the SEC filing.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONON. Platinum Paramount Investment LTD. acquired a new stake in shares of ON during the 4th quarter valued at about $525,784,000. Bamco Inc. NY raised its holdings in 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 purchasing an additional 658,933 shares during the period. Norges Bank purchased a new position in ON during the fourth quarter worth approximately $128,826,000. Wellington Management Group LLP boosted its position in ON by 2.3% during the second quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company's stock worth $97,462,000 after purchasing an additional 62,404 shares in the last quarter. Finally, Clearbridge Investments LLC grew 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 purchasing an additional 1,143,414 shares during the period. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Company Profile

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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