On Holding AG (NYSE:ONON) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• On Holding AG received a consensus analyst rating of “Moderate Buy” from 22 research firms, with most analysts rating it a buy or strong buy. The average 12-month price target is about $55.05.
• Recent analyst moves were mixed: KeyCorp and Truist lowered their price targets, while Raymond James upgraded the stock to strong-buy and Wall Street Zen raised it from hold to buy.
• The company reported better-than-expected quarterly results, posting EPS of $0.46 versus the $0.35 estimate and revenue of $1.04 billion, up 14.5% year over year. Insider activity was also notable, with CEO Martin Hoffmann selling shares and insider Olivier Bernhard buying 60,000 shares.

On Holding AG (NYSE:ONON - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twenty-two research firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $55.0526.

Several research analysts recently weighed in on the company. KeyCorp dropped their target price on ON from $58.00 to $43.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 13th. Raymond James Financial upgraded ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price target for the company in a research note on Thursday, April 23rd. Wall Street Zen raised ON from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. Truist Financial dropped their price target on ON from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Finally, Needham & Company LLC cut their price objective on shares of ON from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, May 12th.

Insider Activity at ON

In other ON news, CEO Martin Hoffmann sold 4,150 shares of the firm's stock in a transaction on Monday, April 27th. The shares were sold at an average price of $35.84, for a total value of $148,736.00. Following the completion of the transaction, the chief executive officer owned 1,385,099 shares of the company's stock, valued at approximately $49,641,948.16. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Olivier Bernhard purchased 60,000 shares of the firm's stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the acquisition, the insider owned 5,163,184 shares of the company's stock, valued at approximately $189,127,429.92. The trade was a 1.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have purchased 180,000 shares of company stock valued at $6,594,000 and have sold 16,600 shares valued at $580,710. Corporate insiders own 68.57% of the company's stock.

Hedge Funds Weigh In On ON

Several hedge funds have recently made changes to their positions in the company. PVG Asset Management Corp lifted its position in ON by 5.4% during the 2nd quarter. PVG Asset Management Corp now owns 9,341 shares of the company's stock worth $331,000 after acquiring an additional 480 shares during the period. Lombard Odier Asset Management Europe Ltd purchased a new stake in ON during the 1st quarter valued at about $1,998,000. Militia Capital Management LLC acquired a new position in shares of ON in the first quarter valued at about $1,388,000. Parallel Advisors LLC increased its holdings in shares of ON by 23.3% in the first quarter. Parallel Advisors LLC now owns 12,887 shares of the company's stock valued at $438,000 after purchasing an additional 2,432 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of ON by 37.5% in the first quarter. NewEdge Advisors LLC now owns 20,100 shares of the company's stock worth $684,000 after purchasing an additional 5,480 shares during the last quarter. 36.39% of the stock is owned by institutional investors and hedge funds.

ON Stock Up 0.5%

Shares of ON stock opened at $35.61 on Thursday. The firm's 50 day moving average price is $37.21 and its 200-day moving average price is $40.92. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. ON has a 52-week low of $31.41 and a 52-week high of $55.95. The company has a market cap of $22.73 billion, a P/E ratio of 38.29, a PEG ratio of 0.66 and a beta of 2.12.

ON (NYSE:ONON - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. ON's revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.21 EPS. On average, sell-side analysts predict that ON will post 1.5 EPS for the current fiscal year.

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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