Capricorn Fund Managers Ltd Buys Shares of 139,571 On Holding AG $ONON

Key Points

• Capricorn Fund Managers Ltd opened a new position in On Holding AG during the first quarter, buying 139,571 shares valued at about $4.75 million.
• Institutional interest in ONON remains strong, with hedge funds and other investors holding 36.39% of the stock. Several large funds made sizable additions, including Morgan Stanley, which increased its stake by 40.9% in the prior quarter.
• Analyst sentiment is mixed but generally positive: the stock carries a Moderate Buy consensus with an average price target of $55.05. ON also recently beat earnings expectations, reporting $0.46 EPS versus $0.35 expected and revenue growth of 14.5% year over year.

Capricorn Fund Managers Ltd purchased a new position in On Holding AG (NYSE:ONON - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 139,571 shares of the company's stock, valued at approximately $4,748,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Platinum Paramount Investment LTD. acquired a new position in ON in the 4th quarter valued at about $525,784,000. Sinvest Investments II Ltd. acquired a new stake in shares of ON during the 4th quarter worth about $390,432,000. Morgan Stanley boosted its stake in shares of ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company's stock worth $1,121,092,000 after purchasing an additional 6,997,455 shares during the last quarter. FengHe Fund Management Pte. Ltd. acquired a new position in shares of ON in the fourth quarter valued at approximately $142,425,000. Finally, Norges Bank acquired a new position in shares of ON in the fourth quarter valued at approximately $128,826,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Weiss Ratings upgraded shares of ON from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, May 12th. Needham & Company LLC cut their price target on ON from $52.00 to $45.00 and set a "buy" rating for the company in a report on Tuesday, May 12th. Evercore set a $42.00 price objective on ON in a report on Tuesday, May 12th. Raymond James Financial raised ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price objective for the company in a research report on Thursday, April 23rd. Finally, KeyCorp lowered their price objective on ON from $58.00 to $43.00 and set an "overweight" rating for the company in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $55.05.

Insider Buying and Selling at ON

In related news, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $35.84, for a total value of $148,736.00. Following the completion of the sale, the chief executive officer directly owned 1,385,099 shares in the company, valued at approximately $49,641,948.16. This represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Olivier Bernhard acquired 60,000 shares of the business's stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the transaction, the insider directly owned 5,163,184 shares of the company's stock, valued at $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders bought 180,000 shares of company stock valued at $6,594,000 and sold 16,600 shares valued at $580,710.

ON Price Performance

Shares of ON stock opened at $35.47 on Wednesday. The stock has a market capitalization of $22.64 billion, a P/E ratio of 38.14, a PEG ratio of 0.67 and a beta of 2.10. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. The business's fifty day moving average price is $37.25 and its 200 day moving average price is $41.02. On Holding AG has a twelve month low of $31.41 and a twelve month high of $55.95.

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

ON Company Profile

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.

Want to see what other hedge funds are holding ONON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for On Holding AG (NYSE:ONON - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.