On Holding AG $ONON Position Lowered by Diversify Advisory Services LLC

Key Points

• Diversify Advisory Services LLC cut its On Holding stake by 93.1% in the third quarter, selling 287,549 shares and retaining 21,148 shares valued at approximately $626,000. Institutional investors collectively own 36.39% of the company.
• On Holding insiders Olivier Bernhard and CEO Caspar Coppetti each purchased 65,000 shares at an average price of $30.67, signaling insider buying despite recent institutional selling.
• ON shares opened at $33.14, well below their 52-week high of $51.08. The company missed quarterly earnings and revenue estimates, while analysts maintained a “Moderate Buy” consensus with an average price target of $43.48.

Diversify Advisory Services LLC cut its position in shares of On Holding AG (NYSE:ONON - Free Report) by 93.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,148 shares of the company's stock after selling 287,549 shares during the quarter. Diversify Advisory Services LLC's holdings in ON were worth $626,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in ON by 69.6% in the first quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company's stock worth $26,000 after purchasing an additional 312 shares during the period. Ascentis Independent Advisors purchased a new position in ON during the first quarter valued at $34,000. State of Wyoming lifted its position in ON by 132.6% during the first quarter. State of Wyoming now owns 4,508 shares of the company's stock valued at $153,000 after buying an additional 2,570 shares during the period. Capital Analysts LLC lifted its position in ON by 15.5% during the second quarter. Capital Analysts LLC now owns 6,049 shares of the company's stock valued at $214,000 after buying an additional 810 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new position in ON during the second quarter valued at $223,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ON

In other news, insider Olivier Bernhard purchased 65,000 shares of ON stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the transaction, the insider directly owned 5,228,184 shares of the company's stock, valued at approximately $160,348,403.28. The trade was a 1.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Caspar Coppetti acquired 65,000 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $30.67 per share, with a total value of $1,993,550.00. Following the completion of the acquisition, the chief executive officer owned 2,440,855 shares in the company, valued at $74,861,022.85. The trade was a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

ON Stock Performance

Shares of ON stock opened at $33.14 on Tuesday. On Holding AG has a 1 year low of $26.36 and a 1 year high of $51.08. The firm's 50-day moving average is $30.58 and its 200 day moving average is $37.06. The stock has a market cap of $21.15 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 0.64 and a beta of 2.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.83 and a quick ratio of 2.25.

ON (NYSE:ONON - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.42 by ($0.07). The firm had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.09 billion. ON had a net margin of 12.09% and a return on equity of 22.92%. The firm's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) earnings per share. Sell-side analysts anticipate that On Holding AG will post 1.50 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of ON from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Citigroup reiterated a "buy" rating on shares of ON in a research note on Wednesday, September 23rd. Capital One Financial set a $28.00 price target on shares of ON in a research report on Tuesday, September 8th. JPMorgan Chase & Co. upped their price objective on shares of ON from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, October 1st. Finally, Telsey Advisory Group decreased their target price on shares of ON from $51.00 to $43.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $43.48.

ON Profile

On Holding AG, commonly known as On, is a Swiss sportswear company that develops and sells performance footwear, apparel and accessories. The company serves athletes and everyday consumers with products designed for running, training, outdoor activities and lifestyle use.

On is best known for its running shoes, which incorporate proprietary technologies such as CloudTec cushioning and the Speedboard propulsion system. Its product portfolio also includes athletic clothing, outerwear and accessories.

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