938,285 On Holding AG $ONON Shares Bought by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management increased its On Holding stake by 116.8% in the third quarter, buying 938,285 shares and ending the period with 1,741,829 shares valued at about $51.6 million.
• Other institutional investors also added shares, and two company insiders each purchased 65,000 shares at an average price of $30.67.
• On reported strong sales and direct-to-consumer growth, but investors faced concerns that tariff refunds boosted gross margin and that the company left its full-year sales-growth outlook unchanged; the article also reports the stock was down 7.5%.

Pictet Asset Management Holding SA raised its stake in On Holding AG (NYSE:ONON - Free Report) by 116.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,741,829 shares of the company's stock after buying an additional 938,285 shares during the period. Pictet Asset Management Holding SA owned about 0.27% of ON worth $51,571,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. CenterBook Partners LP purchased a new position in ON during the 3rd quarter worth $211,000. Kestra Advisory Services LLC raised its position in ON by 36.3% during the 3rd quarter. Kestra Advisory Services LLC now owns 19,957 shares of the company's stock valued at $591,000 after purchasing an additional 5,315 shares in the last quarter. Covestor Ltd lifted its holdings in shares of ON by 39.5% in the 3rd quarter. Covestor Ltd now owns 2,984 shares of the company's stock worth $88,000 after buying an additional 845 shares during the period. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of ON by 27.0% during the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 69,606 shares of the company's stock worth $2,057,000 after buying an additional 14,780 shares in the last quarter. Finally, D.A. Davidson & CO. bought a new position in shares of ON during the 3rd quarter worth $217,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

More ON News

Here are the key news stories impacting ON this week:

• Positive Sentiment: Q3 sales rose 17.2% to CHF 931.4 million, while earnings of about $0.65 per share topped analyst estimates. Direct-to-consumer sales grew 25%, and net income increased 36.9%. On Holding beats Q3 earnings and revenue estimates
• Positive Sentiment: The company raised its comparable full-year gross-margin outlook to around 66%. Cantor Fitzgerald also initiated coverage with an Overweight rating and a $46 price target. On raises 2026 gross margin outlook Cantor Fitzgerald rating
• Negative Sentiment: Reported Q3 gross margin was boosted by CHF 52.6 million in U.S. tariff refunds, raising concerns that the profit strength may not be fully repeatable. On Holding Q3 2026 results
• Negative Sentiment: On kept its full-year sales-growth outlook in the low-20% range at constant currency and did not raise its comparable EBITDA outlook. Wholesale growth of 13.2% also trailed DTC growth, contributing to disappointment after strong quarterly results. Tariff-inflated margins and unchanged sales outlook

ON Stock Down 7.5%

Shares of NYSE ONON opened at $34.72 on Wednesday. The company has a current ratio of 2.83, a quick ratio of 2.25 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $22.16 billion, a PE ratio of 25.53, a price-to-earnings-growth ratio of 0.74 and a beta of 2.05. The stock's fifty day simple moving average is $31.79 and its two-hundred day simple moving average is $36.41. On Holding AG has a 12-month low of $26.36 and a 12-month high of $51.08.

ON (NYSE:ONON - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates 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%. ON's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) EPS. As a group, analysts expect that On Holding AG will post 1.50 EPS for the current fiscal year.

Insider Transactions at ON

In other news, CEO Caspar Coppetti acquired 65,000 shares of the business's stock in a transaction dated Friday, August 14th. The shares were purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the transaction, the chief executive officer directly owned 2,440,855 shares in the company, valued at approximately $74,861,022.85. This represents a 2.74% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Olivier Bernhard acquired 65,000 shares of the business's stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $30.67 per share, for a total transaction of $1,993,550.00. Following the transaction, the insider owned 5,228,184 shares in the company, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Analyst Ratings Changes

Several brokerages have recently commented on ONON. Cantor Fitzgerald began coverage on ON in a research note on Tuesday. They set an "overweight" rating and a $46.00 price target on the stock. UBS Group reaffirmed a "buy" rating on shares of ON in a research note on Wednesday, September 23rd. Telsey Advisory Group dropped their target price on shares of ON from $51.00 to $43.00 and set an "outperform" rating on the stock in a report on Wednesday, August 12th. Morgan Stanley assumed coverage on shares of ON in a report on Thursday, September 10th. They set an "overweight" rating and a $39.00 target price on the stock. Finally, Stifel Nicolaus cut their target price on shares of ON from $60.00 to $41.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $43.81.

ON Profile

On Holding AG, which trades on the New York Stock Exchange under the symbol ONON, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. Its products serve runners and other athletes, as well as consumers seeking athletic-inspired everyday wear. The company is known for its running shoes, which feature its CloudTec cushioning technology. On also offers apparel and equipment for activities including running, training and outdoor sports, selling through wholesale partners and its own retail and online channels.

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