Bank of New York Mellon Corp Has $1.74 Million Position in On Holding AG (NYSE:ONON)

Key Points

• Bank of New York Mellon Corp significantly reduced its stake in On Holding AG by 80.3%, leaving it with 39,534 shares worth approximately $1.74 million.
• Analysts provide a consensus rating of "Moderate Buy" for On Holding AG, with a price target averaging $64.00 and recommendations ranging from "hold" to "strong buy."
• On Holding AG's stock traded down 2.0%, hitting $50.69, while the company reported a market capitalization of $31.92 billion.

Bank of New York Mellon Corp reduced its stake in On Holding AG (NYSE:ONON - Free Report) by 80.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 39,534 shares of the company's stock after selling 161,278 shares during the period. Bank of New York Mellon Corp's holdings in ON were worth $1,736,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ONON. FMR LLC boosted its position in ON by 1.6% during the 4th quarter. FMR LLC now owns 28,875,965 shares of the company's stock worth $1,581,537,000 after buying an additional 462,738 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in ON by 0.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company's stock worth $184,109,000 after buying an additional 18,752 shares during the period. Norges Bank acquired a new stake in ON during the 4th quarter worth approximately $164,574,000. Voloridge Investment Management LLC boosted its position in ON by 10.7% during the 4th quarter. Voloridge Investment Management LLC now owns 2,026,890 shares of the company's stock worth $111,013,000 after buying an additional 196,270 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in ON by 5.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,600,649 shares of the company's stock worth $87,668,000 after buying an additional 79,680 shares during the period. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Stock Down 3.1%

NYSE ONON traded down $1.49 during mid-day trading on Friday, hitting $47.08. The company's stock had a trading volume of 8,753,372 shares, compared to its average volume of 5,124,784. The company's 50 day simple moving average is $54.29 and its 200 day simple moving average is $51.59. On Holding AG has a twelve month low of $34.59 and a twelve month high of $64.05. The company has a current ratio of 2.80, a quick ratio of 2.18 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $29.64 billion, a price-to-earnings ratio of 67.26, a PEG ratio of 2.85 and a beta of 2.25.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ONON shares. Barclays set a $68.00 target price on shares of ON in a research report on Wednesday, May 14th. UBS Group set a $75.00 price target on shares of ON in a report on Wednesday, May 14th. Raymond James Financial lowered shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target for the company. in a report on Tuesday, July 22nd. Stifel Nicolaus raised their price target on shares of ON from $57.00 to $66.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Finally, Citigroup upgraded shares of ON from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $65.00 to $60.00 in a report on Monday, April 28th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $64.00.

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.