On Holding AG $ONON Shares Acquired by Citigroup Inc.

Key Points

• Citigroup Inc. has significantly increased its stake in On Holding AG by purchasing an additional 89,982 shares, raising its total holdings by 73.1% during the first quarter.
• Analysts have shown positive sentiment towards On Holding AG, with several firms maintaining an "overweight" rating and setting price targets between $60.00 and $70.00.
• In the first quarter, institutional investors collectively own 36.39% of On Holding AG's stock, reflecting continued interest in the company's financial performance.

Citigroup Inc. grew its stake in On Holding AG (NYSE:ONON - Free Report) by 73.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 213,127 shares of the company's stock after acquiring an additional 89,982 shares during the quarter. Citigroup Inc.'s holdings in ON were worth $9,361,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Montag A & Associates Inc. purchased a new position in ON during the first quarter worth about $26,000. TCTC Holdings LLC lifted its position in ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock worth $26,000 after buying an additional 315 shares during the period. Park Square Financial Group LLC purchased a new position in ON during the fourth quarter worth about $32,000. MassMutual Private Wealth & Trust FSB purchased a new position in ON during the first quarter worth about $32,000. Finally, Bernard Wealth Management Corp. purchased a new position in ON during the fourth quarter worth about $44,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

ON Trading Down 1.5%

Shares of ON stock traded down $0.6810 during trading hours on Thursday, reaching $44.5590. The stock had a trading volume of 5,563,654 shares, compared to its average volume of 8,317,511. The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31. On Holding AG has a 1 year low of $34.59 and a 1 year high of $64.05. The firm has a market capitalization of $28.06 billion, a price-to-earnings ratio of 99.02, a P/E/G ratio of 2.48 and a beta of 2.24. The firm has a 50 day simple moving average of $50.52 and a two-hundred day simple moving average of $50.20.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Stifel Nicolaus increased their target price on ON from $57.00 to $66.00 and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Morgan Stanley increased their target price on ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Citigroup upgraded ON from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $65.00 to $60.00 in a research report on Monday, April 28th. Telsey Advisory Group reiterated an "outperform" rating and set a $65.00 target price on shares of ON in a research report on Thursday, August 7th. Finally, Piper Sandler restated an "overweight" rating on shares of ON in a report on Tuesday, May 13th. One investment 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 given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus 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.