Hodges Capital Management Inc. Trims Stake in 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 On Holding AG (NYSE:ONON - Free Report) by 44.8% in the 1st quarter, according to its most recent filing with the 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 holdings, making the stock its 13th biggest holding. Hodges Capital Management Inc. owned 0.06% of ON worth $15,374,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Sciencast Management LP lifted its holdings in shares of ON by 32.3% in the 1st quarter. Sciencast Management LP now owns 31,042 shares of the company's stock valued at $1,363,000 after purchasing an additional 7,581 shares during the last quarter. First Dallas Securities Inc. increased its position in ON by 13.5% in the 1st quarter. First Dallas Securities Inc. now owns 14,290 shares of the company's stock valued at $628,000 after acquiring an additional 1,695 shares during the period. Guardian Partners Inc. increased its position in ON by 26.1% in the 1st quarter. Guardian Partners Inc. now owns 25,150 shares of the company's stock valued at $1,105,000 after acquiring an additional 5,200 shares during the period. ThornTree Capital Partners LP increased its position in ON by 23.6% in the 1st quarter. ThornTree Capital Partners LP now owns 450,282 shares of the company's stock valued at $19,776,000 after acquiring an additional 86,120 shares during the period. Finally, Panoramic Capital LLC acquired a new position in ON in the 1st quarter valued at about $439,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Stock Performance

NYSE ONON opened at $43.24 on Friday. The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31. The business's 50 day moving average is $48.26 and its two-hundred day moving average is $49.29. On Holding AG has a 12-month low of $34.59 and a 12-month high of $64.05. The stock has a market capitalization of $27.23 billion, a price-to-earnings ratio of 96.09, a PEG ratio of 5.53 and a beta of 2.23.

Analyst Ratings Changes

Several equities analysts recently issued reports on ONON shares. Raymond James Financial cut ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target on the stock. in a research report on Tuesday, July 22nd. Telsey Advisory Group restated an "outperform" rating and issued a $65.00 price target on shares of ON in a research report on Thursday, August 7th. Jefferies Financial Group set a $40.00 price target on ON and gave the company an "underperform" rating in a research report on Wednesday, August 13th. Barclays boosted their price target on ON from $68.00 to $69.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley boosted their price target on ON from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average 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.

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