Lord Abbett & CO. LLC Has $7.97 Million Position in On Holding AG $ONON

Key Points

• Lord Abbett & CO. LLC has drastically reduced its stake in On Holding AG by 68.9%, leaving it with 181,503 shares valued at approximately $7.97 million.
• Several hedge funds have altered their positions in On Holding AG, with CWM LLC increasing its stake by 22.2% during the same period.
• Analysts are optimistic about On Holding AG, with multiple firms raising their price targets significantly, and a consensus rating indicating a “Moderate Buy” with an average target of $64.20.

Lord Abbett & CO. LLC decreased its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 68.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 181,503 shares of the company's stock after selling 401,342 shares during the quarter. Lord Abbett & CO. LLC's holdings in ON were worth $7,972,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Park Square Financial Group LLC purchased a new position in ON in the fourth quarter valued at $32,000. TCTC Holdings LLC boosted its holdings in ON by 118.4% in the first quarter. TCTC Holdings LLC now owns 581 shares of the company's stock valued at $26,000 after purchasing an additional 315 shares during the period. Montag A & Associates Inc. purchased a new stake in ON during the 1st quarter worth about $26,000. MassMutual Private Wealth & Trust FSB purchased a new stake in ON during the 1st quarter worth about $32,000. Finally, Bernard Wealth Management Corp. purchased a new stake in ON during the 4th quarter worth about $44,000. Institutional investors and hedge funds own 36.39% of the company's stock.

ON Price Performance

Shares of NYSE ONON traded down $0.8950 during mid-day trading on Thursday, reaching $44.3450. 1,279,894 shares of the company traded hands, compared to its average volume of 5,462,967. On Holding AG has a fifty-two week low of $34.59 and a fifty-two week high of $64.05. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.53 and a quick ratio of 2.00. The firm has a market cap of $27.92 billion, a PE ratio of 98.51, a price-to-earnings-growth ratio of 2.47 and a beta of 2.24. The stock has a fifty day simple moving average of $50.75 and a 200-day simple moving average of $50.30.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Citigroup raised ON from a "neutral" rating to a "buy" rating and reduced their target price for the company from $65.00 to $60.00 in a report on Monday, April 28th. Morgan Stanley increased their price target on ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Needham & Company LLC restated a "buy" rating and set a $62.00 target price on shares of ON in a research note on Tuesday, August 12th. UBS Group increased their price target on shares of ON from $75.00 to $79.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Finally, Cowen reaffirmed a "buy" rating on shares of ON in a research report on Wednesday, May 14th. One 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.