Insider Selling: ON (NYSE:ONON) CFO Sells $19,057.38 in Stock

Key Points

• ON CFO Frank Sluis sold 687 shares at an average price of $27.74, totaling $19,057.38 and reducing his direct holdings by 40.8% to 997 shares.
• ON shares traded at $27.18, near their 12-month low of $26.83 and well below the 12-month high of $51.08. The company recently missed quarterly earnings and revenue expectations, despite 13.5% year-over-year revenue growth.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $46.78, while institutional investors own 36.39% of the company.

On Holding AG (NYSE:ONON - Get Free Report) CFO Frank Sluis sold 687 shares of the firm's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $27.74, for a total transaction of $19,057.38. Following the transaction, the chief financial officer directly owned 997 shares of the company's stock, valued at $27,656.78. This represents a 40.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

ON Price Performance

NYSE ONON traded down $0.09 during trading on Wednesday, hitting $27.18. 2,141,611 shares of the stock traded hands, compared to its average volume of 6,234,297. On Holding AG has a 12-month low of $26.83 and a 12-month high of $51.08. The company has a quick ratio of 2.25, a current ratio of 2.83 and a debt-to-equity ratio of 0.25. The firm has a 50-day simple moving average of $34.00 and a 200-day simple moving average of $36.60. The company has a market capitalization of $17.34 billion, a P/E ratio of 18.51, a price-to-earnings-growth ratio of 0.57 and a beta of 2.08.

ON (NYSE:ONON - Get Free Report) last released its quarterly earnings results 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%.ON's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) earnings per share. As a group, analysts predict that On Holding AG will post 1.47 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Evercore set a $40.00 price objective on shares of ON in a research note on Wednesday, August 12th. Raymond James Financial lowered shares of ON from a "strong-buy" rating to an "outperform" rating and cut their target price for the company from $52.00 to $38.00 in a research report on Wednesday, August 12th. JPMorgan Chase & Co. assumed coverage on shares of ON in a research note on Thursday, July 2nd. They set an "overweight" rating and a $51.00 price target on the stock. Weiss Ratings raised shares of ON from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, August 21st. Finally, Stifel Nicolaus cut their price objective on shares of ON from $60.00 to $41.00 and set a "buy" rating on the stock in a report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.78.

Hedge Funds Weigh In On ON

Several hedge funds have recently bought and sold shares of the company. Jacobi Capital Management LLC grew its position in ON by 3.6% during the 4th quarter. Jacobi Capital Management LLC now owns 6,875 shares of the company's stock worth $320,000 after purchasing an additional 240 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of ON by 2.8% in the fourth quarter. Parallel Advisors LLC now owns 10,455 shares of the company's stock worth $486,000 after acquiring an additional 285 shares during the last quarter. J.W. Cole Advisors Inc. lifted its position in shares of ON by 2.4% during the 4th quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company's stock worth $571,000 after buying an additional 285 shares during the period. MetLife Investment Management LLC grew its stake in shares of ON by 2.2% during the fourth quarter. MetLife Investment Management LLC now owns 14,411 shares of the company's stock valued at $670,000 after purchasing an additional 308 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in ON by 69.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company's stock worth $26,000 after acquiring an additional 312 shares during the last quarter. Institutional investors and hedge funds 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.

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