ON (NYSE:ONON) Raised to Strong-Buy at Raymond James Financial

ON (NYSE:ONON) was upgraded by equities researchers at Raymond James Financial from an “outperform” rating to a “strong-buy” rating in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm presently has a $52.00 price target on the stock. Raymond James Financial’s target price indicates a potential upside of 43.47% from the company’s previous close.

Several other research firms have also issued reports on ONON. Zacks Research lowered ON from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 11th. Weiss Ratings restated a “sell (d+)” rating on shares of ON in a research report on Tuesday. Stifel Nicolaus set a $58.00 price target on ON in a research report on Tuesday, March 3rd. UBS Group restated a “buy” rating on shares of ON in a research report on Thursday, February 19th. Finally, Evercore set a $45.00 price target on ON and gave the stock an “outperform” rating in a research report on Friday, March 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.48.

ON Stock Up 0.1%

NYSE:ONON opened at $36.24 on Thursday. The stock’s fifty day moving average price is $39.14 and its two-hundred day moving average price is $42.42. ON has a 52-week low of $31.41 and a 52-week high of $61.29. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.13 and a current ratio of 2.71. The company has a market cap of $23.13 billion, a price-to-earnings ratio of 50.34, a P/E/G ratio of 0.73 and a beta of 2.23.

Insider Buying and Selling

In related news, CEO Martin Hoffmann sold 4,150 shares of the firm’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $36.56, for a total transaction of $151,724.00. Following the sale, the chief executive officer owned 1,389,249 shares of the company’s stock, valued at approximately $50,790,943.44. This trade represents a 0.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 16,600 shares of company stock worth $597,102. Company insiders own 68.57% of the company’s stock.

Institutional Trading of ON

Several hedge funds have recently added to or reduced their stakes in ONON. Bison Wealth LLC raised its stake in ON by 35.7% during the 4th quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock worth $509,000 after buying an additional 2,442 shares during the period. Prudential Financial Inc. acquired a new stake in ON during the 2nd quarter worth $517,000. Invesco Ltd. raised its stake in ON by 305.5% during the 2nd quarter. Invesco Ltd. now owns 157,281 shares of the company’s stock worth $8,186,000 after buying an additional 118,498 shares during the period. Cresset Asset Management LLC raised its stake in ON by 13.5% during the 2nd quarter. Cresset Asset Management LLC now owns 7,232 shares of the company’s stock worth $376,000 after buying an additional 860 shares during the period. Finally, Daiwa Securities Group Inc. raised its stake in ON by 91.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company’s stock worth $139,000 after buying an additional 1,273 shares during the period. 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.