Hsbc Holdings PLC Sells 468,574 Shares of On Holding AG $ONON

Key Points

• Hsbc Holdings PLC sharply cut its stake in On Holding AG by 94% in the fourth quarter, selling 468,574 shares and leaving it with 30,013 shares worth about $1.4 million.
• Despite that reduction, several other institutions added to their positions, and 36.39% of On’s stock is now owned by institutional investors.
• Analysts remain broadly positive on ONON, with a Moderate Buy consensus and an average price target of $55.05; the company also recently beat earnings and revenue estimates in its latest quarterly report.

Hsbc Holdings PLC lowered its holdings in On Holding AG (NYSE:ONON - Free Report) by 94.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,013 shares of the company's stock after selling 468,574 shares during the quarter. Hsbc Holdings PLC's holdings in ON were worth $1,396,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in ON by 54.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,200 shares of the company's stock valued at $8,320,000 after purchasing an additional 62,500 shares during the period. Robinhood Asset Management LLC bought a new position in shares of ON during the 4th quarter worth about $4,747,000. Sands Capital Management LLC raised its position in shares of ON by 46.7% during the third quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company's stock valued at $286,685,000 after buying an additional 2,155,083 shares during the last quarter. One Capital Management LLC bought a new stake in shares of ON in the fourth quarter valued at about $8,887,000. Finally, RFG Advisory LLC bought a new stake in shares of ON in the fourth quarter valued at about $1,343,000. 36.39% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ONON has been the topic of several research reports. Stifel Nicolaus set a $58.00 price target on ON in a research note on Tuesday, March 3rd. Telsey Advisory Group reduced their price objective on ON from $60.00 to $51.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Guggenheim reissued a "buy" rating and set a $51.00 price objective on shares of ON in a report on Wednesday, May 13th. Wall Street Zen upgraded ON from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Needham & Company LLC cut their target price on ON from $52.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, ON has a consensus rating of "Moderate Buy" and an average price target of $55.05.

Insider Buying and Selling

In other news, insider Olivier Bernhard bought 60,000 shares of ON stock in a transaction dated Thursday, May 14th. The shares were bought at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the purchase, the insider owned 5,163,184 shares of the company's stock, valued at approximately $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Martin Hoffmann sold 4,150 shares of the business's stock in a transaction on Monday, April 27th. The shares were sold at an average price of $35.84, for a total transaction of $148,736.00. Following the completion of the sale, the chief executive officer owned 1,385,099 shares in the company, valued at $49,641,948.16. This represents a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have bought 180,000 shares of company stock valued at $6,594,000 and have sold 16,600 shares valued at $580,710.

ON Stock Up 0.2%

NYSE ONON opened at $35.47 on Wednesday. On Holding AG has a 1-year low of $31.41 and a 1-year high of $55.95. The company has a market capitalization of $22.64 billion, a price-to-earnings ratio of 38.14, a PEG ratio of 0.67 and a beta of 2.10. The stock's 50 day moving average is $37.25 and its two-hundred day moving average is $41.02. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26.

ON (NYSE:ONON - Get Free Report) last issued its earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.11. The business had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. ON had a return on equity of 15.72% and a net margin of 7.92%.ON's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.21 EPS. Equities analysts forecast that On Holding AG will post 1.5 earnings per share 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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