Franklin Resources Inc. Buys 613,063 Shares of On Holding AG $ONON

Key Points

• Franklin Resources increased its stake in On Holding AG by 40.5% in the fourth quarter, buying 613,063 additional shares and bringing its total holdings to 2,126,297 shares worth about $98.8 million.
• Other institutional investors also adjusted positions in ONON, and the stock remains 36.39% institutionally owned. Hedge fund activity included sizable increases from firms like Invesco and Bison Wealth.
• Analyst sentiment is mixed but generally positive: ONON has a Moderate Buy consensus rating with an average price target of $55.05, while the company recently beat earnings expectations with $0.46 EPS on $1.04 billion in revenue.

Franklin Resources Inc. grew its stake in On Holding AG (NYSE:ONON - Free Report) by 40.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,126,297 shares of the company's stock after acquiring an additional 613,063 shares during the period. Franklin Resources Inc. owned 0.34% of ON worth $98,830,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ONON. Bison Wealth LLC grew its stake in ON by 35.7% in 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 in the last quarter. Prudential Financial Inc. bought a new position in ON in the 2nd quarter worth about $517,000. Invesco Ltd. grew its stake in ON by 305.5% in the 2nd quarter. Invesco Ltd. now owns 157,281 shares of the company's stock worth $8,186,000 after acquiring an additional 118,498 shares in the last quarter. Cresset Asset Management LLC grew its stake in ON by 13.5% in the 2nd quarter. Cresset Asset Management LLC now owns 7,232 shares of the company's stock worth $376,000 after acquiring an additional 860 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in ON by 91.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company's stock worth $139,000 after acquiring an additional 1,273 shares in the last quarter. 36.39% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ONON shares. Zacks Research downgraded shares of ON from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 11th. Weiss Ratings upgraded shares of ON from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, May 12th. Stifel Nicolaus set a $58.00 price objective on shares of ON in a research note on Tuesday, March 3rd. Sanford C. Bernstein reiterated an "outperform" rating on shares of ON in a research note on Wednesday, March 4th. Finally, UBS Group reiterated a "buy" rating on shares of ON in a research note on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $55.05.

Insider Activity

In other ON news, CEO Martin Hoffmann sold 4,150 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 1,385,099 shares in the company, valued at $49,641,948.16. This trade represents 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 available at 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 stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the purchase, the chief executive officer owned 2,841,108 shares of the company's stock, valued at $104,069,786.04. This represents a 2.16% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In 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.

ON Price Performance

NYSE ONON opened at $38.09 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98. The firm's 50 day moving average price is $36.40 and its 200-day moving average price is $41.77. On Holding AG has a 52-week low of $31.41 and a 52-week high of $58.08. The company has a market cap of $24.31 billion, a PE ratio of 40.96, a P/E/G ratio of 0.74 and a beta of 2.10.

ON (NYSE:ONON - Get Free Report) last announced its earnings results 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 company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. ON's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the firm earned $0.21 earnings per share. Sell-side analysts forecast 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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