Driehaus Capital Management LLC Invests $595,000 in On Holding AG (NYSE:ONON)

Driehaus Capital Management LLC bought a new position in On Holding AG (NYSE:ONON) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 15,328 shares of the company’s stock, valued at approximately $595,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Texas Capital Bank Wealth Management Services Inc purchased a new position in ON during the 2nd quarter valued at $233,000. Maverick Capital Ltd. purchased a new position in ON during the 2nd quarter valued at $1,950,000. DE Burlo Group Inc. boosted its holdings in ON by 49.8% during the 2nd quarter. DE Burlo Group Inc. now owns 282,800 shares of the company’s stock valued at $10,973,000 after acquiring an additional 94,000 shares during the period. AXA S.A. boosted its holdings in ON by 0.4% during the 2nd quarter. AXA S.A. now owns 605,081 shares of the company’s stock valued at $23,477,000 after acquiring an additional 2,259 shares during the period. Finally, Fred Alger Management LLC boosted its holdings in ON by 22.8% during the 2nd quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock valued at $44,734,000 after acquiring an additional 213,815 shares during the period. Hedge funds and other institutional investors own 33.11% of the company’s stock.

ON Stock Performance

ON stock opened at $50.13 on Tuesday. The stock has a 50-day moving average of $44.20 and a two-hundred day moving average of $39.27. On Holding AG has a one year low of $23.41 and a one year high of $52.16. The stock has a market cap of $31.56 billion, a PE ratio of 113.93, a price-to-earnings-growth ratio of 1.25 and a beta of 2.24.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on ONON shares. KeyCorp lifted their target price on ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. HSBC started coverage on ON in a research report on Thursday, September 5th. They set a “hold” rating and a $52.00 target price for the company. Telsey Advisory Group reaffirmed an “outperform” rating and set a $47.00 target price on shares of ON in a research report on Tuesday, August 13th. Morgan Stanley lifted their target price on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Finally, Truist Financial lifted their target price on ON from $46.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.35.

ON 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.