Ogborne Capital Management LLC Boosts Stock Holdings in On Holding AG $ONON

Key Points

• Ogborne Capital Management boosted its On Holding AG stake by 34.2% in the fourth quarter, adding 215,549 shares and bringing its total to 845,549 shares worth about $39.3 million.
• Several other institutional investors also increased their ON holdings, and hedge funds and institutions now own 36.39% of the company’s stock.
• On Holding reported better-than-expected quarterly results, with EPS of $0.46 versus $0.35 expected and revenue of $1.04 billion, while analysts currently rate the stock a Moderate Buy with an average price target of $55.05.

Ogborne Capital Management LLC lifted its holdings in On Holding AG (NYSE:ONON - Free Report) by 34.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 845,549 shares of the company's stock after buying an additional 215,549 shares during the quarter. ON makes up 12.4% of Ogborne Capital Management LLC's portfolio, making the stock its 3rd biggest position. Ogborne Capital Management LLC owned approximately 0.13% of ON worth $39,301,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. Morgan Stanley increased its holdings in shares of ON by 40.9% in the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company's stock worth $1,121,092,000 after acquiring an additional 6,997,455 shares during the period. Sinvest Investments II Ltd. acquired a new stake in shares of ON in the 4th quarter worth about $390,432,000. Sands Capital Management LLC increased its holdings in shares of ON by 46.7% in the 3rd quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company's stock worth $286,685,000 after acquiring an additional 2,155,083 shares during the period. Bamco Inc. NY increased its holdings in shares of ON by 14.7% in the 3rd quarter. Bamco Inc. NY now owns 4,746,553 shares of the company's stock worth $201,017,000 after acquiring an additional 606,579 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of ON by 9.9% in the 3rd quarter. American Century Companies Inc. now owns 4,058,475 shares of the company's stock worth $171,876,000 after acquiring an additional 365,907 shares during the period. Institutional investors and hedge funds own 36.39% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ONON. Needham & Company LLC dropped their price objective on shares of ON from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, May 12th. UBS Group reaffirmed a "buy" rating on shares of ON in a report on Thursday, February 19th. BTIG Research reissued a "buy" rating and set a $70.00 target price on shares of ON in a research note on Tuesday, March 3rd. KeyCorp lowered their target price on shares of ON from $58.00 to $43.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 13th. Finally, Telsey Advisory Group lowered their target price on shares of ON from $60.00 to $51.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ON presently has a consensus rating of "Moderate Buy" and an average price target of $55.05.

ON Stock Performance

NYSE:ONON opened at $38.66 on Tuesday. On Holding AG has a twelve month low of $31.41 and a twelve month high of $55.95. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $36.69 and a 200-day moving average of $41.71. The firm has a market cap of $24.67 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth ratio of 0.75 and a beta of 2.10.

ON (NYSE:ONON - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share 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 last year, the firm posted $0.21 EPS. The business's revenue for the quarter was up 14.5% on a year-over-year basis. Analysts forecast that On Holding AG will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at ON

In other news, CEO David Michael Allemann bought 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, with a total value of $2,197,800.00. Following the completion of the transaction, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. The trade was a 2.16% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the transaction, the chief executive officer directly owned 1,385,099 shares in the company, valued at approximately $49,641,948.16. This trade represents a 0.30% decrease in their ownership of the stock. 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. In the last quarter, insiders have purchased 180,000 shares of company stock worth $6,594,000 and have sold 20,750 shares worth $745,838.

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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