Jennison Associates LLC Sells 1,395,051 Shares of On Holding AG $ONON

Key Points

• Jennison Associates cut its stake in On Holding AG by 34.1%, selling 1,395,051 shares and retaining 2,699,144 shares valued at about $125.46 million after the fourth-quarter 13F filing.
• Insiders own a controlling stake of 68.57%; CEO Martin Hoffmann sold 4,150 shares under a Rule 10b5‑1 plan (about $148,736) and insiders have sold 20,750 shares (~$745,838) in the past 90 days.
• ON shares trade around the mid‑$30s (opened $35.04), with a market cap of $22.36 billion and a MarketBeat consensus "Moderate Buy" target price of $58.40.

Jennison Associates LLC cut its holdings in On Holding AG (NYSE:ONON - Free Report) by 34.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,699,144 shares of the company's stock after selling 1,395,051 shares during the period. Jennison Associates LLC owned 0.43% of ON worth $125,456,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ONON. Bogart Wealth LLC increased its stake in shares of ON by 88.9% in the fourth quarter. Bogart Wealth LLC now owns 850 shares of the company's stock worth $40,000 after purchasing an additional 400 shares during the period. United Financial Planning Group LLC bought a new position in shares of ON in the third quarter worth about $42,000. Horizon Investments LLC bought a new position in shares of ON in the third quarter worth about $44,000. Signaturefd LLC increased its stake in shares of ON by 137.4% in the fourth quarter. Signaturefd LLC now owns 1,244 shares of the company's stock worth $58,000 after purchasing an additional 720 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new position in shares of ON in the fourth quarter worth about $62,000. 36.39% of the stock is currently owned by institutional investors.

ON Stock Down 0.8%

NYSE ONON opened at $35.04 on Thursday. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 0.27. The stock's 50 day moving average is $38.48 and its two-hundred day moving average is $42.27. The company has a market capitalization of $22.36 billion, a price-to-earnings ratio of 48.60, a PEG ratio of 0.73 and a beta of 2.23. On Holding AG has a 1-year low of $31.41 and a 1-year high of $61.29.

Analyst Upgrades and Downgrades

ONON has been the topic of several research reports. Weiss Ratings restated a "sell (d+)" rating on shares of ON in a research note on Tuesday, April 21st. KeyCorp restated an "overweight" rating on shares of ON in a research note on Wednesday, March 4th. Raymond James Financial upgraded ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price target on the stock in a research note on Thursday, April 23rd. Needham & Company LLC restated a "buy" rating and set a $52.00 price target on shares of ON in a research note on Thursday, February 26th. Finally, Telsey Advisory Group lowered their price target on ON from $65.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 25th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $58.40.

Insiders Place Their Bets

In other ON news, CEO Martin Hoffmann sold 4,150 shares of ON stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $35.84, for a total transaction of $148,736.00. Following the sale, the chief executive officer directly owned 1,385,099 shares of the company's stock, valued at approximately $49,641,948.16. The trade was a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 20,750 shares of company stock worth $745,838 over the last 90 days. 68.57% of the stock is currently owned by insiders.

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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