On Holding AG $ONON Position Lessened by Durable Capital Partners LP

Key Points

• Durable Capital Partners LP significantly reduced its holdings in On Holding AG, decreasing its shares by 58.7% to approximately 2.27 million shares valued at about $99.50 million.
• On Holding AG has recently experienced analyst activity, with ratings ranging from "Strong Buy" to "Sell," while the consensus rating is a "Moderate Buy" with an average price target of $64.20.
• The company's stock price opened at $45.05, with a twelve-month trading range between $34.59 and $64.05, reflecting its volatility in the market.

Durable Capital Partners LP decreased its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 58.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,265,569 shares of the company's stock after selling 3,215,733 shares during the period. Durable Capital Partners LP owned about 0.36% of ON worth $99,504,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bison Wealth LLC raised its holdings in shares of ON by 35.7% during the 4th quarter. Bison Wealth LLC now owns 9,291 shares of the company's stock worth $509,000 after acquiring an additional 2,442 shares during the period. AXA S.A. boosted its stake in shares of ON by 5.1% in the 4th quarter. AXA S.A. now owns 684,794 shares of the company's stock valued at $37,506,000 after buying an additional 33,100 shares during the period. BNP Paribas Financial Markets purchased a new stake in ON during the fourth quarter worth approximately $39,119,000. Baird Financial Group Inc. lifted its stake in ON by 66.4% during the fourth quarter. Baird Financial Group Inc. now owns 98,007 shares of the company's stock worth $5,368,000 after purchasing an additional 39,102 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in ON by 24.1% in the fourth quarter. Cetera Investment Advisers now owns 47,186 shares of the company's stock valued at $2,584,000 after buying an additional 9,176 shares during the last quarter. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Trading Up 0.1%

NYSE ONON traded up $0.03 during trading hours on Wednesday, hitting $44.82. 4,415,669 shares of the company's stock were exchanged, compared to its average volume of 7,399,361. The business's 50 day moving average is $49.24 and its 200-day moving average is $49.55. On Holding AG has a 12-month low of $34.59 and a 12-month high of $64.05. The firm has a market capitalization of $28.22 billion, a P/E ratio of 99.60, a price-to-earnings-growth ratio of 4.97 and a beta of 2.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ONON. Evercore ISI boosted their target price on ON from $60.00 to $70.00 and gave the company an "outperform" rating in a report on Wednesday, May 14th. Jefferies Financial Group set a $40.00 price objective on ON and gave the stock an "underperform" rating in a report on Wednesday, August 13th. Raymond James Financial lowered ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price objective on the stock. in a report on Tuesday, July 22nd. Needham & Company LLC reissued a "buy" rating and issued a $62.00 target price on shares of ON in a report on Tuesday, August 12th. Finally, KeyCorp upped their target price on ON from $60.00 to $68.00 and gave the company an "overweight" rating in a report on Wednesday, May 14th. 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 issued a Sell rating to the company. According to MarketBeat.com, ON currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.20.

ON Profile

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.