On Holding AG $ONON Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC has reduced its stake in On Holding AG by 27.9%, now owning 33,727 shares worth approximately $1.46 million.
• Brokerages have raised price targets for ON shares, with KeyCorp setting a new target of $68.00 and Morgan Stanley increasing theirs to $65.00, reflecting a positive outlook for the company.
• On Holding AG's stock has a market capitalization of $28.10 billion and has a PEG ratio of 4.99 alongside a price-to-earnings ratio of 99.19.

Hsbc Holdings PLC lessened its stake in On Holding AG (NYSE:ONON - Free Report) by 27.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,727 shares of the company's stock after selling 13,059 shares during the quarter. Hsbc Holdings PLC's holdings in ON were worth $1,458,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ONON. Jennison Associates LLC increased its holdings in ON by 136.6% during the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock valued at $212,943,000 after acquiring an additional 2,798,794 shares in the last quarter. Nuveen LLC purchased a new position in ON during the 1st quarter valued at about $102,850,000. BNP Paribas Financial Markets purchased a new position in ON during the 4th quarter valued at about $39,119,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in ON by 355.0% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 910,000 shares of the company's stock valued at $39,967,000 after acquiring an additional 710,000 shares in the last quarter. Finally, Mediolanum International Funds Ltd purchased a new position in ON during the 1st quarter valued at about $20,129,000. Hedge funds and other institutional investors own 36.39% of the company's stock.

ON Trading Up 1.0%

Shares of ONON traded up $0.46 during mid-day trading on Friday, hitting $45.05. The company had a trading volume of 4,561,879 shares, compared to its average volume of 7,780,656. The business's 50-day simple moving average is $49.69 and its 200-day simple moving average is $49.67. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31. On Holding AG has a 1-year low of $34.59 and a 1-year high of $64.05. The stock has a market cap of $28.37 billion, a PE ratio of 100.18, a P/E/G ratio of 4.97 and a beta of 2.23.

Wall Street Analyst Weigh In

ONON has been the subject of several recent research reports. Needham & Company LLC restated a "buy" rating and set a $62.00 target price on shares of ON in a report on Tuesday, August 12th. Stifel Nicolaus raised their target price on shares of ON from $57.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Morgan Stanley raised their price target on shares of ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Robert W. Baird raised their price target on shares of ON from $63.00 to $70.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 14th. Finally, KeyCorp raised their price target on shares of ON from $60.00 to $68.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 14th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, ON currently has an average rating of "Moderate Buy" and a consensus target price of $64.20.

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.