Jennison Associates LLC Has $66.60 Million Holdings in On Holding AG $ONON

Key Points

• Jennison Associates LLC cut its ON Holding stake by 27.5% in the first quarter, selling 741,470 shares and ending with 1,957,674 shares valued at about $66.6 million.
• On Holding reported stronger-than-expected quarterly results, posting EPS of $0.46 versus the $0.35 estimate and revenue of $1.04 billion, up 14.5% year over year.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $53.79, even as some firms trimmed their targets.

Jennison Associates LLC decreased its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 27.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,957,674 shares of the company's stock after selling 741,470 shares during the quarter. Jennison Associates LLC owned about 0.31% of ON worth $66,600,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Cullen Frost Bankers Inc. lifted its holdings in ON by 639.7% in the fourth quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company's stock valued at $25,000 after buying an additional 467 shares during the period. Caitlin John LLC acquired a new stake in ON during the 4th quarter worth $25,000. MidAtlantic Capital Management Inc. acquired a new stake in ON during the 4th quarter worth $27,000. Caitong International Asset Management Co. Ltd raised its position in shares of ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company's stock valued at $33,000 after acquiring an additional 594 shares during the last quarter. Finally, Ascentis Independent Advisors bought a new stake in shares of ON during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 36.39% of the company's stock.

ON Trading Up 0.1%

ONON opened at $37.22 on Monday. The firm's fifty day moving average is $37.57 and its two-hundred day moving average is $40.03. 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 has a market cap of $23.75 billion, a PE ratio of 40.02, a price-to-earnings-growth ratio of 0.69 and a beta of 2.12. On Holding AG has a twelve month low of $31.41 and a twelve month high of $54.37.

ON (NYSE:ONON - Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business earned $0.21 EPS. The firm's revenue was up 14.5% on a year-over-year basis. Equities research analysts anticipate that On Holding AG will post 1.51 EPS for the current year.

Insiders Place Their Bets

In other ON news, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction dated Monday, April 27th. The stock was 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 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 through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Olivier Bernhard purchased 60,000 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the transaction, the insider owned 5,163,184 shares of the company's stock, valued at $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have bought 180,000 shares of company stock valued at $6,594,000. Insiders own 68.57% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ONON shares. Zacks Research upgraded ON from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. Weiss Ratings upgraded ON from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, May 12th. Needham & Company LLC cut their target price on ON from $52.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Truist Financial cut their target price on ON from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Finally, Wall Street Zen cut ON from a "buy" rating to a "hold" rating in a report on Saturday. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $53.79.

ON Company 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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