Hodges Capital Management Inc. Sells 283,742 Shares of On Holding AG $ONON

Key Points

• Hodges Capital Management Inc. reduced its stake in On Holding AG by 44.8% in the first quarter, owning 350,038 shares, which now represent approximately 1.5% of its total holdings.
• Several institutional investors have increased their positions in On Holding AG, with Sciencast Management LP and Guardian Partners Inc. increasing their shares by 32.3% and 26.1% respectively.
• Analysts have mixed ratings for On Holding AG, with recommendations ranging from "Strong Buy" to "Sell," and an average price target of $64.20.

Hodges Capital Management Inc. reduced its position in shares of On Holding AG (NYSE:ONON - Free Report) by 44.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 350,038 shares of the company's stock after selling 283,742 shares during the period. ON accounts for about 1.5% of Hodges Capital Management Inc.'s investment portfolio, making the stock its 13th largest position. Hodges Capital Management Inc. owned about 0.06% of ON worth $15,374,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ONON. Park Square Financial Group LLC acquired a new stake in shares of ON in the fourth quarter worth approximately $32,000. TCTC Holdings LLC raised its stake in shares of ON by 118.4% during the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock valued at $26,000 after purchasing an additional 315 shares during the period. Montag A & Associates Inc. purchased a new stake in shares of ON during the first quarter valued at approximately $26,000. MassMutual Private Wealth & Trust FSB bought a new stake in shares of ON in the first quarter worth $32,000. Finally, Bernard Wealth Management Corp. acquired a new position in ON in the fourth quarter worth $44,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ONON shares. Barclays lifted their price objective on shares of ON from $68.00 to $69.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Morgan Stanley upped their price objective on shares of ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Raymond James Financial downgraded shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price objective for the company. in a report on Tuesday, July 22nd. UBS Group upped their price target on shares of ON from $75.00 to $79.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $62.00 price target on shares of ON in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ON currently has a consensus rating of "Moderate Buy" and an average target price of $64.20.

ON Stock Up 1.5%

Shares of NYSE ONON traded up $0.65 during trading hours on Wednesday, hitting $43.67. The stock had a trading volume of 2,580,763 shares, compared to its average volume of 5,412,852. The company has a market capitalization of $27.50 billion, a P/E ratio of 97.02, a P/E/G ratio of 5.51 and a beta of 2.23. The firm's 50-day moving average price is $47.61 and its two-hundred day moving average price is $49.18. On Holding AG has a 52 week low of $34.59 and a 52 week high of $64.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53.

ON Company 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.