Neuberger Berman Group LLC Trims Stock Position in On Holding AG $ONON

Key Points

• Neuberger Berman Group LLC significantly reduced its stake in On Holding AG by 96.7%, owning just 15,646 shares after selling 461,960 shares in Q1, reflecting a value of $687,000.
• Several investment firms have increased their stakes, with Jennison Associates LLC raising its position in ON by 136.6%, acquiring nearly 2.8 million additional shares during the same period.
• Analysts maintain a positive outlook on ONON, with a consensus rating of "Moderate Buy" and a price target of $64.20, while recent reports from multiple firms have either reaffirmed or upgraded their ratings.

Neuberger Berman Group LLC cut its position in shares of On Holding AG (NYSE:ONON - Free Report) by 96.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 15,646 shares of the company's stock after selling 461,960 shares during the quarter. Neuberger Berman Group LLC's holdings in ON were worth $687,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ONON. Invesco Ltd. boosted its holdings in ON by 4.0% during the fourth quarter. Invesco Ltd. now owns 41,287 shares of the company's stock worth $2,261,000 after purchasing an additional 1,571 shares during the last quarter. Legal & General Group Plc boosted its holdings in ON by 11,518.3% during the fourth quarter. Legal & General Group Plc now owns 54,722 shares of the company's stock worth $2,997,000 after purchasing an additional 54,251 shares during the last quarter. Raymond James Financial Inc. purchased a new position in ON during the fourth quarter worth about $28,575,000. Townsquare Capital LLC boosted its holdings in ON by 6.7% during the fourth quarter. Townsquare Capital LLC now owns 12,951 shares of the company's stock worth $709,000 after purchasing an additional 814 shares during the last quarter. Finally, CreativeOne Wealth LLC boosted its holdings in ON by 2.4% during the fourth quarter. CreativeOne Wealth LLC now owns 13,574 shares of the company's stock worth $743,000 after purchasing an additional 323 shares during the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on ONON. Raymond James Financial lowered shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price objective on the stock. in a research report on Tuesday, July 22nd. Piper Sandler reaffirmed an "overweight" rating on shares of ON in a research report on Tuesday, May 13th. Needham & Company LLC reaffirmed a "buy" rating and issued a $62.00 price objective on shares of ON in a research report on Tuesday, August 12th. UBS Group lifted their price objective 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, KeyCorp lifted their price objective on shares of ON from $60.00 to $68.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $64.20.

ON Stock Performance

Shares of ONON traded down $0.8730 during trading hours on Thursday, hitting $44.3670. The company's stock had a trading volume of 1,279,894 shares, compared to its average volume of 5,462,967. The company has a market cap of $27.94 billion, a price-to-earnings ratio of 98.51, a PEG ratio of 2.47 and a beta of 2.24. 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 business has a 50 day simple moving average of $50.75 and a two-hundred day simple moving average of $50.30. On Holding AG has a 52-week low of $34.59 and a 52-week high of $64.05.

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.