Kayne Anderson Rudnick Investment Management LLC Acquires 642,894 Shares of On Holding AG (NYSE:ONON)

Kayne Anderson Rudnick Investment Management LLC grew its holdings in On Holding AG (NYSE:ONON) by 100.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,281,339 shares of the company’s stock after purchasing an additional 642,894 shares during the period. Kayne Anderson Rudnick Investment Management LLC owned about 0.20% of ON worth $49,716,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. William Blair Investment Management LLC bought a new stake in ON in the 1st quarter worth about $121,712,000. 1832 Asset Management L.P. grew its stake in shares of ON by 36.2% in the fourth quarter. 1832 Asset Management L.P. now owns 3,160,000 shares of the company’s stock worth $85,225,000 after acquiring an additional 840,600 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of ON by 0.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,787,871 shares of the company’s stock valued at $98,636,000 after purchasing an additional 14,674 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in ON by 30.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,224,894 shares of the company’s stock valued at $78,717,000 after purchasing an additional 516,478 shares during the period. Finally, Norges Bank purchased a new stake in ON in the fourth quarter worth approximately $57,916,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

ON Trading Up 0.4 %

Shares of ONON stock opened at $49.95 on Friday. The stock has a market capitalization of $31.45 billion, a price-to-earnings ratio of 113.53, a price-to-earnings-growth ratio of 1.39 and a beta of 2.24. On Holding AG has a 12-month low of $23.41 and a 12-month high of $52.16. The stock’s 50-day moving average price is $43.07 and its 200-day moving average price is $38.58.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The firm had revenue of $627.66 million during the quarter, compared to the consensus estimate of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. As a group, research analysts predict that On Holding AG will post 0.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

ONON has been the subject of a number of research reports. TD Cowen boosted their target price on shares of ON from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Morgan Stanley lifted their price objective on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. KeyCorp boosted their price objective on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. The Goldman Sachs Group raised their target price on shares of ON from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Stifel Nicolaus upped their price target on shares of ON from $45.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, ON has an average rating of “Moderate Buy” and an average target price of $46.89.

ON Company Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.