Capital Research Global Investors Cuts Stake in On Holding AG (NYSE:ONON)

Capital Research Global Investors reduced its holdings in On Holding AG (NYSE:ONON - Free Report) by 11.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,355,513 shares of the company's stock after selling 178,938 shares during the quarter. Capital Research Global Investors owned 0.22% of ON worth $74,241,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Strategic Financial Concepts LLC bought a new position in shares of ON during the 4th quarter valued at about $30,000. Legacy Bridge LLC bought a new position in shares of ON during the 4th quarter valued at about $43,000. Bernard Wealth Management Corp. bought a new position in shares of ON during the 4th quarter valued at about $44,000. Arcadia Investment Management Corp MI bought a new position in shares of ON during the 4th quarter valued at about $53,000. Finally, VisionPoint Advisory Group LLC bought a new position in shares of ON during the 4th quarter valued at about $65,000. 36.39% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Needham & Company LLC decreased their price target on ON from $64.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, April 1st. Barclays lifted their target price on shares of ON from $63.00 to $64.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. Jefferies Financial Group started coverage on shares of ON in a research note on Tuesday, April 1st. They issued a "hold" rating and a $44.00 target price on the stock. Williams Trading lifted their target price on shares of ON from $60.00 to $62.00 and gave the stock a "buy" rating in a research note on Tuesday, March 4th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and issued a $67.00 target price on shares of ON in a research note on Tuesday, April 1st. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.00.

ON Stock Up 0.6 %

Shares of NYSE:ONON traded up $0.25 during midday trading on Friday, reaching $45.01. The company's stock had a trading volume of 3,849,882 shares, compared to its average volume of 4,682,884. The firm has a 50 day moving average of $45.37 and a 200-day moving average of $51.49. The firm has a market capitalization of $28.34 billion, a P/E ratio of 104.68, a PEG ratio of 1.02 and a beta of 2.32. On Holding AG has a 12-month low of $29.84 and a 12-month high of $64.05.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.