ON (NYSE:ONON) Now Covered by Wolfe Research

Key Points

• Wolfe Research initiated coverage of ON Holding with an “outperform” rating, adding to a largely positive analyst outlook. The stock has a consensus “Moderate Buy” rating and an average price target of $43.48.
• ON shares opened at $34.04, with a market capitalization of approximately $21.72 billion and a 12-month trading range of $26.36 to $51.08.
• The company’s latest quarter fell short of expectations, reporting $0.35 in earnings per share versus a $0.42 estimate and $1.05 billion in revenue versus $1.09 billion expected, though revenue rose 13.5% year over year. CEOs Caspar Coppetti and Olivier Bernhard each bought 65,000 shares, while insiders collectively own 68.57% of the stock.

Wolfe Research assumed coverage on shares of ON (NYSE:ONON - Get Free Report) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set an "outperform" rating on the stock.

A number of other research analysts have also recently weighed in on ONON. Needham & Company LLC lifted their price objective on ON from $37.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, September 23rd. Stifel Nicolaus cut their target price on ON from $60.00 to $41.00 and set a "buy" rating on the stock in a research note on Wednesday, August 12th. Piper Sandler restated an "overweight" rating and set a $45.00 price target on shares of ON in a research note on Thursday, September 24th. KeyCorp reiterated an "overweight" rating on shares of ON in a research note on Monday, September 28th. Finally, Evercore set a $40.00 price target on shares of ON in a report on Wednesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, ON currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.48.

ON Price Performance

Shares of ON stock opened at $34.04 on Wednesday. The company has a 50-day simple moving average of $30.47 and a two-hundred day simple moving average of $34.54. The stock has a market capitalization of $21.72 billion, a price-to-earnings ratio of 23.16, a price-to-earnings-growth ratio of 0.68 and a beta of 2.08. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. ON has a twelve month low of $26.36 and a twelve month high of $51.08.

ON (NYSE:ONON - Get Free Report) last posted 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). ON had a net margin of 12.09% and a return on equity of 22.92%. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the previous year, the company earned ($0.09) earnings per share. The business's revenue for the quarter was up 13.5% on a year-over-year basis. Analysts forecast that ON will post 1.50 EPS for the current year.

Insider Activity at ON

In other news, CEO Caspar Coppetti acquired 65,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was acquired 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 chief executive officer directly owned 2,440,855 shares in the company, valued at $74,861,022.85. This represents a 2.74% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Olivier Bernhard bought 65,000 shares of the business's stock in a transaction dated Friday, August 14th. The shares were bought 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 insider directly owned 5,228,184 shares of the company's stock, valued at $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. 68.57% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ONON. Wellington Management Group LLP increased its holdings in ON by 2.3% during the 2nd quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company's stock valued at $97,462,000 after purchasing an additional 62,404 shares in the last quarter. Quantinno Capital Management LP boosted its position in ON by 89.6% in the 1st quarter. Quantinno Capital Management LP now owns 66,947 shares of the company's stock valued at $2,278,000 after buying an additional 31,641 shares during the last quarter. OMERS ADMINISTRATION Corp acquired a new stake in shares of ON in the 1st quarter valued at $5,694,000. APEIRON CAPITAL Ltd raised its holdings in ON by 25.2% during the 1st quarter. APEIRON CAPITAL Ltd now owns 996,052 shares of the company's stock worth $33,886,000 after purchasing an additional 200,200 shares during the last quarter. Finally, B.A. Schrock Wealth Management Inc. bought a new position in shares of ON in the 3rd quarter valued at about $3,991,000. 36.39% of the stock is owned by institutional investors.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company serves athletes and everyday consumers with products designed for running, training, outdoor activities and lifestyle use.

On is best known for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and the Speedboard propulsion system. Its product portfolio also includes athletic clothing, outerwear and accessories.