FengHe Fund Management Pte. Ltd. Takes Position in On Holding AG $ONON

Key Points

• FengHe Fund Management bought a new stake of 3,064,211 shares in On Holding (NYSE:ONON) in Q4 worth about $142.4 million, making ON 8.0% of FengHe’s portfolio and its third-largest holding (0.49% of the company).
• A number of major institutions—including Sands Capital, Bamco, American Century, Ameriprise and Wellington—have recently increased their ON positions, and institutional investors now own roughly 36.4% of the stock.
• CEO Martin Hoffmann sold 4,150 shares under a Rule 10b5‑1 plan (insiders sold 16,600 shares worth ~$597k in the last three months), while analysts skew positive with a consensus rating of "Moderate Buy" and a consensus price target of $58.40.

FengHe Fund Management Pte. Ltd. purchased a new stake in On Holding AG (NYSE:ONON - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,064,211 shares of the company's stock, valued at approximately $142,425,000. ON comprises 8.0% of FengHe Fund Management Pte. Ltd.'s portfolio, making the stock its 3rd biggest position. FengHe Fund Management Pte. Ltd. owned 0.49% of ON at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Sands Capital Management LLC increased its stake in shares of ON by 46.7% in the 3rd quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company's stock valued at $286,685,000 after acquiring an additional 2,155,083 shares during the last quarter. Bamco Inc. NY increased its stake in shares of ON by 14.7% in the 3rd quarter. Bamco Inc. NY now owns 4,746,553 shares of the company's stock valued at $201,017,000 after acquiring an additional 606,579 shares during the last quarter. American Century Companies Inc. increased its stake in shares of ON by 9.9% in the 3rd quarter. American Century Companies Inc. now owns 4,058,475 shares of the company's stock valued at $171,876,000 after acquiring an additional 365,907 shares during the last quarter. Ameriprise Financial Inc. increased its stake in shares of ON by 44.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company's stock valued at $138,865,000 after acquiring an additional 1,026,804 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of ON by 13.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,997,473 shares of the company's stock valued at $126,943,000 after acquiring an additional 364,091 shares during the last quarter. 36.39% of the stock is owned by institutional investors.

Insider Transactions at ON

In other ON news, CEO Martin Hoffmann sold 4,150 shares of the firm's stock in a transaction on Monday, April 20th. The stock was sold at an average price of $36.56, for a total transaction of $151,724.00. Following the completion of the sale, the chief executive officer owned 1,389,249 shares of the company's stock, valued at $50,790,943.44. This trade represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 16,600 shares of company stock worth $597,102.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ONON shares. Evercore set a $45.00 price target on ON and gave the stock an "outperform" rating in a research report on Friday, March 27th. Guggenheim cut their price objective on ON from $59.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday, March 4th. Barclays cut their price objective on ON from $60.00 to $57.00 and set an "overweight" rating for the company in a report on Wednesday, March 4th. Telsey Advisory Group cut their price objective on ON from $65.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, March 25th. Finally, 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 report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $58.40.

ON Trading Down 0.9%

Shares of ON stock opened at $35.92 on Tuesday. The business has a fifty day simple moving average of $38.95 and a two-hundred day simple moving average of $42.36. On Holding AG has a 1 year low of $31.41 and a 1 year high of $61.29. The company has a market capitalization of $22.92 billion, a price-to-earnings ratio of 49.88, a P/E/G ratio of 0.73 and a beta of 2.23. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.71 and a quick ratio of 2.13.

About ON

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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