Wells Fargo & Company Begins Coverage on ON (NYSE:ONON)

Stock analysts at Wells Fargo & Company initiated coverage on shares of ON (NYSE:ONON) in a research note issued to investors on Wednesday, Benzinga reports. The firm set an “overweight” rating and a $48.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 31.24% from the company’s current price.

ONON has been the subject of a number of other reports. Robert W. Baird cut their price target on shares of ON from $70.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Telsey Advisory Group lowered their price objective on shares of ON from $51.00 to $43.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Wolfe Research assumed coverage on shares of ON in a report on Wednesday, October 21st. They issued an “outperform” rating and a $47.00 target price on the stock. Wall Street Zen lowered shares of ON from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, JPMorgan Chase & Co. increased their target price on shares of ON from $41.00 to $44.00 and gave the company an “overweight” rating in a research note on Thursday, October 1st. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.73.

ON Stock Up 3.0%

Shares of NYSE:ONON opened at $36.57 on Wednesday. The firm has a market cap of $23.34 billion, a PE ratio of 24.88, a price-to-earnings-growth ratio of 0.70 and a beta of 2.05. The company has a fifty day simple moving average of $30.97 and a 200 day simple moving average of $36.62. The company has a current ratio of 2.83, a quick ratio of 2.25 and a debt-to-equity ratio of 0.25. ON has a 12-month low of $26.36 and a 12-month high of $51.08.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.07). ON had a net margin of 12.09% and a return on equity of 22.92%. The business had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the previous year, the firm earned ($0.09) EPS. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities research analysts anticipate that ON will post 1.50 EPS for the current fiscal year.

Insider Activity

In related news, CEO Caspar Coppetti purchased 65,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the purchase, the chief executive officer owned 2,440,855 shares in the company, valued at $74,861,022.85. The trade was a 2.74% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Olivier Bernhard purchased 65,000 shares of the stock in a transaction on Friday, August 14th. The shares were bought at an average price of $30.67 per share, for a total transaction of $1,993,550.00. Following the acquisition, the insider owned 5,228,184 shares of the company’s stock, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Institutional Investors Weigh In On ON

Several hedge funds have recently modified their holdings of ONON. EverSource Wealth Advisors LLC raised its position in shares of ON by 69.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $26,000 after acquiring an additional 312 shares during the period. Pinnacle Wealth Planning Services Inc. grew its holdings in shares of ON by 5,181.2% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 845 shares of the company’s stock valued at $25,000 after buying an additional 829 shares during the period. Ascentis Independent Advisors acquired a new position in shares of ON in the 1st quarter valued at $34,000. Guardian Partners Inc. bought a new stake in shares of ON in the 3rd quarter valued at $41,000. Finally, Signaturefd LLC increased its position in shares of ON by 29.5% in the 3rd quarter. Signaturefd LLC now owns 1,598 shares of the company’s stock valued at $47,000 after buying an additional 364 shares in the last quarter. 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.