Aigen Investment Management LP Takes Position in On Holding AG (NYSE:ONON)

Key Points

• Aigen Investment Management LP has acquired a new position in On Holding AG, purchasing 58,272 shares valued at approximately $2.56 million.
• On Holding AG's stock opened at $45.61 and has a market cap of $28.72 billion with an average target price from analysts of $64.00.
• A majority of analysts maintain a buy rating for On Holding AG, with recent target price increases indicating confidence in the stock's performance.

Aigen Investment Management LP purchased a new position in On Holding AG (NYSE:ONON - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 58,272 shares of the company's stock, valued at approximately $2,559,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Montag A & Associates Inc. purchased a new stake in ON in the first quarter worth $26,000. TCTC Holdings LLC grew its stake in ON by 118.4% in the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock worth $26,000 after purchasing an additional 315 shares during the period. Park Square Financial Group LLC purchased a new stake in ON in the fourth quarter worth $32,000. MassMutual Private Wealth & Trust FSB purchased a new stake in ON in the first quarter worth $32,000. Finally, Bernard Wealth Management Corp. purchased a new stake in ON in the fourth quarter worth $44,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Stock Up 1.0%

ONON stock opened at $45.61 on Friday. On Holding AG has a fifty-two week low of $34.59 and a fifty-two week high of $64.05. The business's 50-day moving average is $52.56 and its two-hundred day moving average is $51.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80. The company has a market cap of $28.72 billion, a price-to-earnings ratio of 65.16, a P/E/G ratio of 2.60 and a beta of 2.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ONON shares. Morgan Stanley cut their target price on ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Cowen reissued a "buy" rating on shares of ON in a research note on Wednesday, May 14th. Robert W. Baird increased their target price on ON from $63.00 to $70.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 14th. Truist Financial increased their target price on ON from $61.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Finally, Stifel Nicolaus increased their target price on ON from $57.00 to $66.00 and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $64.00.

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, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.

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