Investors Buy Large Volume of ON Call Options (NYSE:ONON)

On Holding AG (NYSE:ONON) was the recipient of some unusual options trading on Monday. Stock traders purchased 25,943 call options on the company. This represents an increase of approximately 155% compared to the average volume of 10,181 call options.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ONON shares. Telsey Advisory Group dropped their price objective on shares of ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. KeyCorp decreased their target price on shares of ON from $58.00 to $43.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Truist Financial decreased their target price on shares of ON from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Weiss Ratings upgraded shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. started coverage on ON in a research note on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.79.

Insiders Place Their Bets

In other ON news, CEO David Michael Allemann bought 60,000 shares of the stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the purchase, the chief executive officer owned 2,841,108 shares in the company, valued at $104,069,786.04. The trade was a 2.16% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $35.84, for a total transaction of $148,736.00. Following the completion of the transaction, the chief executive officer directly owned 1,385,099 shares of the company’s stock, valued at $49,641,948.16. This trade represents a 0.30% decrease in their position. 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 three months, insiders have bought 180,000 shares of company stock worth $6,594,000.

Hedge Funds Weigh In On ON

Several large investors have recently modified their holdings of the business. Morgan Stanley grew its stake in shares of ON by 40.9% in the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after purchasing an additional 6,997,455 shares during the last quarter. Platinum Paramount Investment LTD. bought a new position in ON during the 4th quarter worth $525,784,000. Sinvest Investments II Ltd. bought a new position in ON during the 4th quarter worth $390,432,000. Bamco Inc. NY lifted its holdings in ON by 13.9% during the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock worth $251,247,000 after buying an additional 658,933 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in ON by 44.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company’s stock worth $138,865,000 after buying an additional 1,026,804 shares during the period. Institutional investors own 36.39% of the company’s stock.

ON Stock Performance

NYSE:ONON opened at $37.70 on Tuesday. The stock’s 50-day moving average is $37.65 and its 200-day moving average is $39.97. ON has a 1-year low of $31.41 and a 1-year high of $53.37. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. The stock has a market cap of $24.06 billion, a P/E ratio of 40.54, a price-to-earnings-growth ratio of 0.69 and a beta of 2.12.

ON (NYSE:ONON) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share (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 during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the business earned $0.21 EPS. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. Equities research analysts anticipate that ON will post 1.51 earnings per share for the current 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.