Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Holdings in On Holding AG $ONON

Key Points

• Mitsubishi UFJ Asset Management increased its stake in On Holding AG by 54.5% in the fourth quarter, bringing its holdings to 177,200 shares valued at about $8.32 million.
• Other institutions also boosted or initiated positions in ON, and overall 36.39% of the stock is owned by hedge funds and other institutional investors.
• Wall Street sentiment remains mostly positive, with ON carrying a Moderate Buy consensus and an average price target of $58.40, though insider selling and one sell rating add some caution.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of On Holding AG (NYSE:ONON - Free Report) by 54.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 177,200 shares of the company's stock after acquiring an additional 62,500 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in ON were worth $8,320,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Bison Wealth LLC raised its stake in ON by 35.7% during the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company's stock valued at $509,000 after purchasing an additional 2,442 shares in the last quarter. Prudential Financial Inc. purchased a new position in shares of ON in the 2nd quarter worth $517,000. Invesco Ltd. increased its holdings in shares of ON by 305.5% in the 2nd quarter. Invesco Ltd. now owns 157,281 shares of the company's stock worth $8,186,000 after buying an additional 118,498 shares during the last quarter. Cresset Asset Management LLC raised its position in shares of ON by 13.5% during the 2nd quarter. Cresset Asset Management LLC now owns 7,232 shares of the company's stock valued at $376,000 after buying an additional 860 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its position in shares of ON by 91.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company's stock valued at $139,000 after buying an additional 1,273 shares in the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Needham & Company LLC reiterated a "buy" rating and issued a $52.00 price target on shares of ON in a research report on Thursday, February 26th. UBS Group restated a "buy" rating on shares of ON in a research report on Thursday, February 19th. Stifel Nicolaus set a $58.00 price objective on ON in a research note on Tuesday, March 3rd. Sanford C. Bernstein reiterated an "outperform" rating on shares of ON in a report on Wednesday, March 4th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of ON in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $58.40.

ON Stock Performance

Shares of NYSE:ONON opened at $35.15 on Monday. The company has a current ratio of 2.71, a quick ratio of 2.13 and a debt-to-equity ratio of 0.27. On Holding AG has a 12 month low of $31.41 and a 12 month high of $61.29. The company has a market capitalization of $22.43 billion, a price-to-earnings ratio of 48.82, a PEG ratio of 0.71 and a beta of 2.09. The firm's 50-day moving average is $37.48 and its 200 day moving average is $42.08.

Insider Activity

In other news, CEO Martin Hoffmann sold 4,150 shares of the company's 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 transaction, the chief executive officer owned 1,385,099 shares of the company's stock, valued at approximately $49,641,948.16. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 20,750 shares of company stock worth $745,838 in the last ninety days.

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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