38,476 Shares in On Holding AG $ONON Bought by AlpenGlobal Capital LLC

Key Points

• AlpenGlobal Capital LLC opened a new position in On Holding AG, buying 38,476 shares worth about $1.31 million in the first quarter.
• On Holding shares rose 4.5% to $38.44, while the company reported quarterly earnings of $0.46 per share, topping estimates and showing 14.5% revenue growth year over year.
• Analyst sentiment remains positive overall, with a Moderate Buy consensus and an average price target of $53.79, even though several firms recently trimmed their targets.

AlpenGlobal Capital LLC purchased a new stake in shares of On Holding AG (NYSE:ONON - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,476 shares of the company's stock, valued at approximately $1,309,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ONON. Morgan Stanley raised its stake in ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company's stock valued at $1,121,092,000 after purchasing an additional 6,997,455 shares during the last quarter. Platinum Paramount Investment LTD. acquired a new stake in ON in the 4th quarter worth $525,784,000. Sinvest Investments II Ltd. acquired a new stake in ON in the 4th quarter worth $390,432,000. Bamco Inc. NY increased its holdings in shares of ON by 13.9% during the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company's stock worth $251,247,000 after purchasing an additional 658,933 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of ON by 44.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company's stock worth $138,865,000 after purchasing an additional 1,026,804 shares during the period. 36.39% of the stock is owned by institutional investors and hedge funds.

ON Stock Up 4.5%

NYSE:ONON opened at $38.44 on Friday. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. On Holding AG has a 12-month low of $31.41 and a 12-month high of $54.41. The stock's fifty day simple moving average is $37.34 and its 200-day simple moving average is $40.41. The firm has a market capitalization of $24.53 billion, a P/E ratio of 41.33, a P/E/G ratio of 0.67 and a beta of 2.12.

ON (NYSE:ONON - Get Free Report) last issued its earnings results on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The business's quarterly revenue was up 14.5% on a year-over-year basis. Equities research analysts expect that On Holding AG will post 1.52 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Telsey Advisory Group reduced their target price on shares of ON from $60.00 to $51.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Needham & Company LLC lowered their price target on ON from $52.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. KeyCorp cut their price target on ON from $58.00 to $43.00 and set an "overweight" rating for the company in a report on Wednesday, May 13th. Evercore set a $42.00 price objective on ON in a research report on Tuesday, May 12th. Finally, Wall Street Zen raised ON from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $53.79.

Insider Buying and Selling

In other news, CEO David Michael Allemann bought 60,000 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the purchase, the chief executive officer owned 2,841,108 shares of the company's stock, valued at $104,069,786.04. This represents a 2.16% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Martin Hoffmann sold 4,150 shares of the business'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 transaction, the chief executive officer directly owned 1,385,099 shares in the company, valued at $49,641,948.16. The trade was a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have purchased 180,000 shares of company stock worth $6,594,000 and have sold 12,450 shares worth $441,352. Corporate insiders own 68.57% of the company's stock.

About ON

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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