93,769 On Holding AG $ONON Shares Sold by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA reduced its On Holding stake by 36.7% in the third quarter, selling 93,769 shares and retaining 161,736 shares valued at approximately $4.8 million. Hedge funds and other institutional investors own 36.39% of ONON.
• On Holding reported quarterly earnings of $0.35 per share, below the $0.42 consensus estimate, while revenue of $1.05 billion also missed expectations. Revenue nevertheless increased 13.5% year over year, and analysts expect full-year earnings of $1.50 per share.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $43.33 versus the reported share price of $34.75. CEO Caspar Coppetti and insider Olivier Bernhard each bought 65,000 shares at an average price of $30.67.

Banque Pictet & Cie SA cut its stake in On Holding AG (NYSE:ONON - Free Report) by 36.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161,736 shares of the company's stock after selling 93,769 shares during the quarter. Banque Pictet & Cie SA's holdings in ON were worth $4,789,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in ONON. Platinum Paramount Investment LTD. purchased a new stake in ON during the fourth quarter valued at $525,784,000. Wellington Management Group LLP boosted its position in ON by 2.3% in the second quarter. Wellington Management Group LLP now owns 2,751,615 shares of the company's stock worth $97,462,000 after purchasing an additional 62,404 shares during the last quarter. Bessemer Group Inc. boosted its position in ON by 5.7% in the first quarter. Bessemer Group Inc. now owns 1,194,774 shares of the company's stock worth $40,647,000 after purchasing an additional 63,932 shares during the last quarter. APEIRON CAPITAL Ltd boosted its position in ON by 25.2% in the first quarter. APEIRON CAPITAL Ltd now owns 996,052 shares of the company's stock worth $33,886,000 after purchasing an additional 200,200 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of ON by 489.8% during the 1st quarter. SG Americas Securities LLC now owns 880,329 shares of the company's stock valued at $29,949,000 after purchasing an additional 731,067 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

ON Stock Performance

ONON opened at $34.75 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.25 and a current ratio of 2.83. On Holding AG has a fifty-two week low of $26.36 and a fifty-two week high of $51.08. The company has a fifty day moving average of $30.34 and a 200 day moving average of $34.49. The stock has a market capitalization of $22.17 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 0.68 and a beta of 2.08.

ON (NYSE:ONON - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.07). The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. The business's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. As a group, sell-side analysts forecast that On Holding AG will post 1.50 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on ONON. Raymond James Financial upped their target price on shares of ON from $38.00 to $42.00 and gave the company an "outperform" rating in a report on Friday. Bank of America decreased their price target on shares of ON from $46.00 to $43.00 and set a "buy" rating on the stock in a research report on Thursday, September 17th. Needham & Company LLC lifted their price target on shares of ON from $37.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, September 23rd. Evercore set a $40.00 price target on shares of ON in a research note on Wednesday, August 12th. Finally, Citigroup reissued a "buy" rating on shares of ON in a research report on Wednesday, September 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, five have assigned 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 target price of $43.33.

Insider Buying and Selling at ON

In other news, CEO Caspar Coppetti bought 65,000 shares of ON stock in a transaction dated Friday, August 14th. The shares were acquired at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the purchase, the chief executive officer owned 2,440,855 shares in the company, valued at $74,861,022.85. The trade was a 2.74% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Olivier Bernhard bought 65,000 shares of the stock in a transaction dated Friday, August 14th. The stock was purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the acquisition, the insider directly owned 5,228,184 shares in the company, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 68.57% of the company's stock.

ON Company Profile

On Holding AG, trading on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company focused on performance footwear, apparel and accessories. The company serves athletes and active consumers with products designed for running, training, outdoor activities and everyday wear.

On is best known for its running shoes, which incorporate the company's CloudTec cushioning technology and distinctive sole designs. Its product portfolio also includes athletic clothing, apparel and accessories, with offerings positioned across both performance and lifestyle categories.

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