ON Sees Unusually High Options Volume (NYSE:ONON)

Key Points

• ON Holding saw unusually heavy options activity on Monday, with 25,943 call options traded — about 155% above its average volume.
• Top executives continued buying shares: CEO Caspar Felix Coppetti and CEO David Michael Allemann each purchased 60,000 shares at around $36.63 to $36.64 per share, and insiders have bought 180,000 shares over the last 90 days.
• The company recently posted solid results, with Q1 EPS of $0.46 beating expectations and revenue rising 14.5% year over year, while analysts currently rate the stock a Moderate Buy with an average target price of $53.79.

On Holding AG (NYSE:ONON - Get Free Report) was the recipient of unusually large options trading on Monday. Stock investors acquired 25,943 call options on the stock. This is an increase of 155% compared to the average volume of 10,181 call options.

Insider Buying and Selling

In related news, CEO Caspar Felix Coppetti bought 60,000 shares of the business's stock in a transaction on Thursday, May 14th. The shares were bought at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the completion of the purchase, the chief executive officer owned 2,375,855 shares of the company's stock, valued at $87,051,327.20. This represents a 2.59% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Michael Allemann purchased 60,000 shares of ON stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the acquisition, the chief executive officer owned 2,841,108 shares of the company's stock, valued at approximately $104,069,786.04. This trade represents a 2.16% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 180,000 shares of company stock valued at $6,594,000. 68.57% of the stock is owned by corporate insiders.

Institutional Trading of ON

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in ON by 54.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,200 shares of the company's stock valued at $8,320,000 after acquiring an additional 62,500 shares in the last quarter. Robinhood Asset Management LLC acquired a new stake in shares of ON during the fourth quarter worth approximately $4,747,000. One Capital Management LLC acquired a new stake in shares of ON during the fourth quarter worth approximately $8,887,000. RFG Advisory LLC purchased a new position in ON during the fourth quarter valued at approximately $1,343,000. Finally, Norges Bank purchased a new position in ON during the fourth quarter valued at approximately $128,826,000. Institutional investors own 36.39% of the company's stock.

ON Price Performance

Shares of NYSE:ONON traded up $0.34 during trading on Monday, reaching $37.55. The company had a trading volume of 1,231,099 shares, compared to its average volume of 5,869,987. The firm's fifty day moving average is $37.57 and its 200 day moving average is $40.03. The firm has a market capitalization of $23.96 billion, a PE ratio of 40.33, a price-to-earnings-growth ratio of 0.69 and a beta of 2.12. ON has a twelve month low of $31.41 and a twelve month high of $53.37. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98.

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, beating analysts' consensus estimates of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business earned $0.21 earnings per share. The business's revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities analysts forecast that ON will post 1.51 EPS for the current year.

Analysts Set New Price Targets

ONON has been the subject of several recent analyst reports. Zacks Research upgraded shares of ON from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Weiss Ratings raised ON from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, May 12th. Barclays reduced their price objective on ON from $57.00 to $46.00 and set an "overweight" rating for the company in a research report on Wednesday, May 13th. JPMorgan Chase & Co. assumed coverage on ON in a research report on Thursday, July 2nd. They issued an "overweight" rating and a $51.00 target price on the stock. Finally, Truist Financial cut their target price on ON from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $53.79.

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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