On Holding AG $ONON Shares Acquired by Red Spruce Capital LLC

Key Points

• Red Spruce Capital LLC increased its stake in On Holding AG by 64.8%, acquiring an additional 13,980 shares during the second quarter, bringing its total holdings to 35,566 shares valued at approximately $1.85 million.
• Multiple hedge funds boosted their positions in ONON, with Jennison Associates LLC and Jump Financial LLC increasing their stakes significantly by 136.6% and 746.6%, respectively.
• Wall Street analysts remain optimistic about ONON, with a consensus rating of Moderate Buy and an average target price of $64.20, indicating potential for growth despite a current price of $42.99.

Red Spruce Capital LLC lifted its stake in shares of On Holding AG (NYSE:ONON - Free Report) by 64.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,566 shares of the company's stock after acquiring an additional 13,980 shares during the quarter. Red Spruce Capital LLC's holdings in ON were worth $1,851,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ONON. Jennison Associates LLC increased its stake in shares of ON by 136.6% during the first quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock valued at $212,943,000 after acquiring an additional 2,798,794 shares during the period. Alliancebernstein L.P. increased its stake in shares of ON by 13.9% during the first quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company's stock valued at $869,388,000 after acquiring an additional 2,416,534 shares during the period. Nuveen LLC acquired a new position in shares of ON during the first quarter valued at approximately $102,850,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of ON by 355.0% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 910,000 shares of the company's stock valued at $39,967,000 after acquiring an additional 710,000 shares during the period. Finally, Jump Financial LLC increased its stake in shares of ON by 746.6% during the first quarter. Jump Financial LLC now owns 717,740 shares of the company's stock valued at $31,523,000 after acquiring an additional 632,965 shares during the period. Institutional investors and hedge funds own 36.39% of the company's stock.

ON Trading Down 0.7%

NYSE ONON opened at $42.99 on Monday. On Holding AG has a twelve month low of $34.59 and a twelve month high of $64.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. The stock has a market cap of $27.07 billion, a price-to-earnings ratio of 95.54, a PEG ratio of 5.54 and a beta of 2.23. The firm's 50 day moving average price is $48.03 and its two-hundred day moving average price is $49.26.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $62.00 price target on shares of ON in a research report on Tuesday, August 12th. Telsey Advisory Group restated an "outperform" rating and issued a $65.00 price target on shares of ON in a research report on Thursday, August 7th. Morgan Stanley lifted their price target on shares of ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. UBS Group lifted their price target 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, Jefferies Financial Group set a $40.00 price target on shares of ON and gave the stock an "underperform" rating in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $64.20.

ON Company Profile

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.

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