Axiom Investors LLC DE Reduces Stake in On Holding AG $ONON

Key Points

• Axiom Investors LLC DE reduced its stake in On Holding AG by 30.4%, selling 218,260 shares during the 1st quarter, resulting in ownership of approximately 499,650 shares worth $21,945,000.
• Several institutional investors increased their positions in On Holding AG, with notable increases of 746.6% from Jump Financial LLC and 151.2% from Kestra Private Wealth Services LLC.
• Research analysts have raised their price targets for ONON shares, with Evercore ISI setting a target of $70.00 and UBS Group at $79.00, indicating a favorable outlook for the company.

Axiom Investors LLC DE lessened its holdings in On Holding AG (NYSE:ONON - Free Report) by 30.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 499,650 shares of the company's stock after selling 218,260 shares during the period. Axiom Investors LLC DE owned about 0.08% of ON worth $21,945,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Montag A & Associates Inc. bought a new position in ON in the first quarter valued at about $26,000. TCTC Holdings LLC boosted its stake in shares of ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock valued at $26,000 after purchasing an additional 315 shares in the last quarter. Park Square Financial Group LLC acquired a new stake in shares of ON during the fourth quarter valued at about $32,000. MassMutual Private Wealth & Trust FSB acquired a new stake in shares of ON during the first quarter valued at about $32,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of ON by 3,392.6% during the first quarter. Smartleaf Asset Management LLC now owns 943 shares of the company's stock valued at $42,000 after purchasing an additional 916 shares in the last quarter. Institutional investors own 36.39% of the company's stock.

ON Stock Performance

Shares of NYSE ONON traded down $0.31 during trading on Friday, reaching $42.99. 3,856,532 shares of the stock traded hands, compared to its average volume of 5,041,187. On Holding AG has a 52-week low of $34.59 and a 52-week high of $64.05. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.53 and a quick ratio of 2.00. The company has a 50-day moving average of $48.03 and a 200-day moving average of $49.25. The stock has a market capitalization of $27.07 billion, a P/E ratio of 95.54, a price-to-earnings-growth ratio of 5.59 and a beta of 2.23.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ONON. Needham & Company LLC reissued a "buy" rating and set a $62.00 price target on shares of ON in a research note on Tuesday, August 12th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $65.00 price objective on shares of ON in a research note on Thursday, August 7th. UBS Group lifted their price objective on ON from $75.00 to $79.00 and gave the stock a "buy" rating in a research note on Wednesday, August 13th. Barclays lifted their price objective on ON from $68.00 to $69.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Finally, Raymond James Financial lowered ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target on the stock. in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, ON has a consensus rating of "Moderate Buy" and an average price target of $64.20.

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.