Assenagon Asset Management S.A. Acquires New Stake in On Holding AG $ONON

Key Points

• Assenagon Asset Management acquired 30,372 shares of On Holding, worth approximately $899,000, during the third quarter. Institutional investors now own 36.39% of the company.
• On Holding’s latest quarter fell short of expectations, with EPS of $0.35 versus a $0.42 consensus and revenue of $1.05 billion versus $1.09 billion expected, although revenue increased 13.5% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $43.48, while insiders Olivier Bernhard and CEO Caspar Coppetti each purchased 65,000 shares.

Assenagon Asset Management S.A. acquired a new stake in shares of On Holding AG (NYSE:ONON - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 30,372 shares of the company's stock, valued at approximately $899,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. APEIRON CAPITAL Ltd raised its stake in shares of ON by 25.2% in the first quarter. APEIRON CAPITAL Ltd now owns 996,052 shares of the company's stock valued at $33,886,000 after buying an additional 200,200 shares during the period. OMERS ADMINISTRATION Corp purchased a new position in shares of ON during the 1st quarter valued at $5,694,000. Capricorn Fund Managers Ltd purchased a new position in shares of ON during the 1st quarter valued at $4,748,000. B.A. Schrock Wealth Management Inc. bought a new position in shares of ON during the 3rd quarter worth $3,991,000. Finally, Moran Wealth Management LLC grew its stake in shares of ON by 1,785.7% during the 1st quarter. Moran Wealth Management LLC now owns 133,788 shares of the company's stock worth $4,551,000 after acquiring an additional 126,693 shares during the period. 36.39% of the stock is owned by institutional investors.

ON Trading Down 0.5%

Shares of ONON stock opened at $34.04 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 52-week low of $26.36 and a 52-week high of $51.08. The company has a market capitalization of $21.72 billion, a PE ratio of 23.28, a price-to-earnings-growth ratio of 0.68 and a beta of 2.08. The business's fifty day moving average is $30.47 and its 200 day moving average is $34.54.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ONON. BTIG Research reiterated a "buy" rating and issued a $60.00 target price on shares of ON in a research note on Wednesday, September 23rd. BMO Capital Markets upped their price target on shares of ON from $28.00 to $33.00 and gave the company a "market perform" rating in a research note on Thursday, September 24th. Piper Sandler reaffirmed an "overweight" rating and issued a $45.00 price objective on shares of ON in a report on Thursday, September 24th. Citigroup reaffirmed a "buy" rating on shares of ON in a report on Wednesday, September 23rd. Finally, Williams Trading set a $32.00 price objective on shares of ON in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, ON presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.48.

Insider Activity at ON

In related news, insider Olivier Bernhard bought 65,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average cost of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the purchase, the insider directly owned 5,228,184 shares of the company's stock, valued at $160,348,403.28. This trade represents a 1.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Caspar Coppetti bought 65,000 shares of the company's stock in a transaction on Friday, August 14th. The shares were bought at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the transaction, the chief executive officer owned 2,440,855 shares of the company's stock, valued at $74,861,022.85. The trade was a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 68.57% of the stock is currently owned by corporate insiders.

ON Company Profile

On Holding AG, commonly known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company serves athletes and everyday consumers with products designed for running, training, outdoor activities and lifestyle use.

On is best known for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and the Speedboard propulsion system. Its product portfolio also includes athletic clothing, outerwear and accessories.

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