Cinctive Capital Management LP Sells 101,172 Shares of On Holding AG $ONON

Key Points

• Cinctive Capital Management cut its stake in On Holding AG by 43.1% in the fourth quarter, selling 101,172 shares and leaving it with 133,769 shares worth about $6.2 million.
• Insider activity was mixed: CEO Martin Hoffmann sold 4,150 shares, while CEO David Michael Allemann bought 60,000 shares. Over the past 90 days, insiders have bought far more stock than they sold.
• On Holding’s latest quarterly results beat estimates, with EPS of $0.46 versus $0.35 expected and revenue of $1.04 billion, up 14.5% year over year. Analysts currently rate the stock a Moderate Buy with an average price target of $55.05.

Cinctive Capital Management LP decreased its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 43.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,769 shares of the company's stock after selling 101,172 shares during the quarter. Cinctive Capital Management LP's holdings in ON were worth $6,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Jacobi Capital Management LLC raised its holdings in ON by 3.6% during the 4th quarter. Jacobi Capital Management LLC now owns 6,875 shares of the company's stock valued at $320,000 after acquiring an additional 240 shares during the period. Parallel Advisors LLC raised its holdings in ON by 2.8% during the 4th quarter. Parallel Advisors LLC now owns 10,455 shares of the company's stock valued at $486,000 after acquiring an additional 285 shares during the period. J.W. Cole Advisors Inc. raised its holdings in ON by 2.4% during the 4th quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company's stock valued at $571,000 after acquiring an additional 285 shares during the period. MetLife Investment Management LLC raised its holdings in ON by 2.2% during the 4th quarter. MetLife Investment Management LLC now owns 14,411 shares of the company's stock valued at $670,000 after acquiring an additional 308 shares during the period. Finally, Azzad Asset Management Inc. ADV grew its position in shares of ON by 0.3% during the 4th quarter. Azzad Asset Management Inc. ADV now owns 110,637 shares of the company's stock valued at $5,142,000 after purchasing an additional 318 shares in the last quarter. Institutional investors own 36.39% of the company's stock.

Insider Activity at ON

In related news, CEO Martin Hoffmann sold 4,150 shares of the company's stock in a transaction on Monday, April 27th. The shares were sold at an average price of $35.84, for a total value of $148,736.00. Following the completion of the transaction, the chief executive officer directly owned 1,385,099 shares in the company, valued at approximately $49,641,948.16. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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, CEO David Michael Allemann bought 60,000 shares of the business's stock in a transaction that occurred on Thursday, May 14th. The stock was bought at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the transaction, the chief executive officer directly owned 2,841,108 shares of the company's stock, valued at $104,069,786.04. This represents a 2.16% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 180,000 shares of company stock valued at $6,594,000 and have sold 20,750 shares valued at $745,838. Corporate insiders own 68.57% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ONON shares. Truist Financial reduced their price target on shares of ON from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Tuesday, May 12th. UBS Group restated a "buy" rating on shares of ON in a research report on Thursday, February 19th. Zacks Research lowered shares of ON from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 11th. KeyCorp reduced their price target on shares of ON from $58.00 to $43.00 and set an "overweight" rating for the company in a research report on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of ON from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ON presently has a consensus rating of "Moderate Buy" and an average price target of $55.05.

ON Stock Down 1.0%

Shares of NYSE:ONON opened at $37.67 on Thursday. On Holding AG has a 52-week low of $31.41 and a 52-week high of $55.95. The firm has a fifty day moving average of $36.88 and a 200 day moving average of $41.64. The firm has a market capitalization of $24.04 billion, a PE ratio of 40.51, a price-to-earnings-growth ratio of 0.74 and a beta of 2.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98.

ON (NYSE:ONON - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the business earned $0.21 earnings per share. The firm's quarterly revenue was up 14.5% compared to the same quarter last year. As a group, research analysts anticipate that On Holding AG will post 1.47 EPS for the current fiscal year.

ON 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.

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