Amundi Reduces Stock Position in On Holding AG $ONON

Key Points

• Amundi cut its On Holding stake by 86.8% in the first quarter, selling 558,992 shares and retaining 85,275 shares valued at approximately $2.9 million. Institutional investors collectively own 36.39% of ONON.
• Despite Amundi’s reduction, insiders bought shares: CEO David Allemann and insider Olivier Bernhard each purchased 60,000 shares at $36.63, while insiders acquired 180,000 shares worth $6.59 million over the past three months.
• On Holding reported first-quarter EPS of $0.46 versus the $0.35 consensus and revenue of $1.04 billion, up 14.5% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $53.63, compared with a recent price of $37.31.

Amundi lessened its position in On Holding AG (NYSE:ONON - Free Report) by 86.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 85,275 shares of the company's stock after selling 558,992 shares during the period. Amundi's holdings in ON were worth $2,901,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of ON by 54.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,200 shares of the company's stock worth $8,320,000 after acquiring an additional 62,500 shares during the period. One Capital Management LLC purchased a new position in shares of ON in the 4th quarter valued at approximately $8,887,000. RFG Advisory LLC bought a new stake in shares of ON during the fourth quarter valued at approximately $1,343,000. Norges Bank bought a new stake in shares of ON during the fourth quarter valued at approximately $128,826,000. Finally, Impax Asset Management Group plc grew its stake in ON by 79.8% in the fourth quarter. Impax Asset Management Group plc now owns 92,209 shares of the company's stock worth $4,286,000 after purchasing an additional 40,935 shares during the period. 36.39% of the stock is owned by institutional investors.

Insider Buying and Selling

In other ON news, CEO David Michael Allemann acquired 60,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the transaction, the chief executive officer owned 2,841,108 shares of the company's stock, valued at $104,069,786.04. The trade was a 2.16% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Olivier Bernhard bought 60,000 shares of the business's stock in a transaction on Thursday, May 14th. The shares were acquired at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the purchase, the insider owned 5,163,184 shares in the company, valued at approximately $189,127,429.92. The trade was a 1.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 180,000 shares of company stock worth $6,594,000 in the last three months. Insiders own 68.57% of the company's stock.

ON Price Performance

ONON opened at $37.31 on Friday. The firm has a market cap of $23.81 billion, a PE ratio of 40.12, a P/E/G ratio of 0.71 and a beta of 2.12. The stock has a 50-day moving average price of $37.40 and a 200-day moving average price of $39.01. On Holding AG has a 1 year low of $31.41 and a 1 year high of $52.20. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39.

ON (NYSE:ONON - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.35 by $0.11. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. ON's revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.21 EPS. Sell-side analysts predict that On Holding AG will post 1.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ONON. Raymond James Financial upgraded ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price objective for the company in a report on Thursday, April 23rd. UBS Group reduced their target price on shares of ON from $85.00 to $82.00 and set a "buy" rating on the stock in a research report on Wednesday, July 29th. Truist Financial decreased their price target on shares of ON from $55.00 to $48.00 and set a "buy" rating for the company in a research note on Tuesday, May 12th. JPMorgan Chase & Co. initiated coverage on shares of ON in a research report on Thursday, July 2nd. They set an "overweight" rating and a $51.00 price target for the company. Finally, Evercore set a $42.00 price objective on shares of ON in a report on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.63.

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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