2,771,645 Shares in On Holding AG $ONON Purchased by Norges Bank

Key Points

• Norges Bank disclosed a new fourth-quarter position in On Holding AG, buying 2,771,645 shares valued at about $128.8 million. The stake represented roughly 0.44% of the company.
• On Holding’s latest earnings topped expectations, with EPS of $0.46 versus the $0.35 estimate and revenue of $1.04 billion, up 14.5% year over year. Analysts still expect full-year EPS of 1.47.
• Institutional interest remains strong, with hedge funds and other institutions owning 36.39% of the stock, while insiders have also been active: co-founder Olivier Bernhard bought 60,000 shares and CEO Martin Hoffmann sold 4,150 shares under a 10b5-1 plan.

Norges Bank acquired a new position in shares of On Holding AG (NYSE:ONON - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,771,645 shares of the company's stock, valued at approximately $128,826,000. Norges Bank owned 0.44% of ON at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. FengHe Fund Management Pte. Ltd. purchased a new position in ON during the fourth quarter valued at approximately $142,425,000. Ameriprise Financial Inc. lifted its position in ON by 4,564.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company's stock worth $119,752,000 after buying an additional 2,242,480 shares in the last quarter. Sands Capital Management LLC boosted its stake in shares of ON by 46.7% during the 3rd quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company's stock valued at $286,685,000 after buying an additional 2,155,083 shares during the period. State Street Corp boosted its stake in shares of ON by 765.4% during the 2nd quarter. State Street Corp now owns 2,219,015 shares of the company's stock valued at $115,500,000 after buying an additional 1,962,586 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new position in shares of ON during the 3rd quarter valued at $43,868,000. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Stock Down 0.3%

ONON stock opened at $37.42 on Friday. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. On Holding AG has a 1 year low of $31.41 and a 1 year high of $58.25. The company has a fifty day simple moving average of $36.02 and a 200 day simple moving average of $41.89. The firm has a market cap of $23.88 billion, a PE ratio of 40.24, a PEG ratio of 0.73 and a beta of 2.10.

ON (NYSE:ONON - Get Free Report) last posted its earnings results on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business posted $0.21 earnings per share. The business's quarterly revenue was up 14.5% on a year-over-year basis. Sell-side analysts anticipate that On Holding AG will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Olivier Bernhard bought 60,000 shares of ON stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the acquisition, the insider owned 5,163,184 shares in the company, valued at $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Martin Hoffmann sold 4,150 shares of the company's stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $35.84, for a total value of $148,736.00. Following the sale, the chief executive officer directly owned 1,385,099 shares of the company's stock, valued at $49,641,948.16. The trade was 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 90 days, insiders have purchased 180,000 shares of company stock worth $6,594,000 and have sold 20,750 shares worth $745,838. 68.57% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ONON has been the topic of a number of research reports. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of ON in a research note on Wednesday, March 4th. Zacks Research downgraded ON from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 11th. Truist Financial dropped their target price on ON from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Needham & Company LLC cut their price target on ON from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, May 12th. Finally, Evercore set a $42.00 price target on ON in a report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $55.05.

ON Company Profile

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.

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