ON (NYSE:ONON) Earns "Overweight" Rating from JPMorgan Chase & Co.

Key Points

• JPMorgan reaffirmed an “Overweight” rating on ON (ONON) and kept a $51 price target, implying about 43% upside from the prior close.
• Other analysts have been mixed: several recently cut target prices, while the stock still carries a Moderate Buy consensus and an average target of $53.79.
• ON’s latest quarterly results were solid, with EPS of $0.46 beating estimates and revenue up 14.5% year over year to $1.04 billion; CEO Caspar Felix Coppetti also bought 60,000 shares in May.

ON (NYSE:ONON - Get Free Report)'s stock had its "overweight" rating reaffirmed by analysts at JPMorgan Chase & Co. in a research note issued on Thursday,Benzinga reports. They currently have a $51.00 price objective on the stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 43.21% from the company's previous close.

A number of other brokerages have also recently issued reports on ONON. Barclays decreased their target price on ON from $57.00 to $46.00 and set an "overweight" rating for the company in a research report on Wednesday, May 13th. Telsey Advisory Group cut their price target on ON from $60.00 to $51.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Zacks Research cut ON from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 11th. Sanford C. Bernstein reissued an "outperform" rating on shares of ON in a report on Wednesday, March 4th. Finally, Wall Street Zen upgraded shares of ON from a "hold" rating to a "buy" rating in a research report on Saturday, June 27th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, ON presently has a consensus rating of "Moderate Buy" and an average target price of $53.79.

ON Price Performance

Shares of NYSE:ONON opened at $35.61 on Thursday. The company's fifty day moving average price is $37.21 and its 200 day moving average price is $40.92. ON has a 12 month low of $31.41 and a 12 month high of $55.95. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39. The firm has a market capitalization of $22.73 billion, a P/E ratio of 38.29, a P/E/G ratio of 0.66 and a beta of 2.12.

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

Insider Buying and Selling

In related news, CEO Caspar Felix Coppetti acquired 60,000 shares of ON stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $36.64 per share, with a total value of $2,198,400.00. Following the purchase, the chief executive officer directly owned 2,375,855 shares in the company, valued at approximately $87,051,327.20. The trade was a 2.59% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $35.84, for a total value of $148,736.00. Following the sale, the chief executive officer directly owned 1,385,099 shares of the company's stock, valued at $49,641,948.16. The trade was a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders bought 180,000 shares of company stock worth $6,594,000 and sold 16,600 shares worth $580,710. 68.57% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

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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