Private Advisor Group LLC Lowers Stake in On Holding AG (NYSE:ONON)

Private Advisor Group LLC reduced its holdings in shares of On Holding AG (NYSE:ONON) by 59.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,950 shares of the company’s stock after selling 12,925 shares during the period. Private Advisor Group LLC’s holdings in ON were worth $449,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in shares of ON by 319.8% during the third quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after purchasing an additional 403 shares during the last quarter. Quarry LP purchased a new position in shares of ON in the second quarter valued at about $32,000. nVerses Capital LLC purchased a new position in shares of ON in the third quarter valued at about $65,000. Tsfg LLC purchased a new stake in shares of ON in the third quarter worth about $69,000. Finally, Asset Dedication LLC lifted its position in shares of ON by 25.8% in the second quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after buying an additional 327 shares in the last quarter. 33.11% of the stock is owned by hedge funds and other institutional investors.

ON Price Performance

NYSE ONON opened at $46.30 on Tuesday. The stock’s fifty day moving average price is $48.67 and its 200 day moving average price is $42.13. On Holding AG has a 1 year low of $24.15 and a 1 year high of $52.80. The company has a market cap of $29.15 billion, a price-to-earnings ratio of 87.36 and a beta of 2.25.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million for the quarter, compared to analyst estimates of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. Research analysts expect that On Holding AG will post 0.76 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barclays boosted their price objective on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Bank of America raised ON from an “underperform” rating to a “neutral” rating and upped their target price for the company from $21.00 to $55.00 in a research note on Monday, September 23rd. TD Cowen boosted their price target on ON from $50.00 to $58.00 and gave the company a “buy” rating in a report on Monday, September 30th. UBS Group boosted their price target on ON from $55.00 to $61.00 and gave the company a “buy” rating in a report on Monday. Finally, Evercore ISI upgraded ON to an “overweight” rating and upped their target price for the stock from $43.00 to $47.00 in a report on Monday, August 12th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.05.

About ON

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.