Red Spruce Capital LLC Buys 13,980 Shares of On Holding AG $ONON

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 raised its stake in On Holding AG (NYSE:ONON - Free Report) by 64.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in shares of ON by 36.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,245 shares of the company's stock worth $494,000 after purchasing an additional 3,025 shares in the last quarter. Citigroup Inc. grew its position in shares of ON by 73.1% during the 1st quarter. Citigroup Inc. now owns 213,127 shares of the company's stock worth $9,361,000 after purchasing an additional 89,982 shares in the last quarter. Kestra Private Wealth Services LLC grew its position in shares of ON by 151.2% during the 1st quarter. Kestra Private Wealth Services LLC now owns 18,878 shares of the company's stock worth $829,000 after purchasing an additional 11,362 shares in the last quarter. Jump Financial LLC grew its position in shares of ON by 746.6% during the 1st quarter. Jump Financial LLC now owns 717,740 shares of the company's stock worth $31,523,000 after purchasing an additional 632,965 shares in the last quarter. Finally, Quantitative Investment Management LLC acquired a new position in shares of ON during the 1st quarter worth approximately $410,000. Institutional investors and hedge funds own 36.39% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on ONON. Telsey Advisory Group reiterated an "outperform" rating and set a $65.00 price target on shares of ON in a research report on Thursday, August 7th. UBS Group raised their target price on shares of ON from $75.00 to $79.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. Morgan Stanley raised their target price on shares of ON from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Needham & Company LLC reaffirmed a "buy" rating and set a $62.00 price target on shares of ON in a research note on Tuesday, August 12th. Finally, Barclays raised their price target on shares of ON from $68.00 to $69.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $64.20.

ON Stock Up 0.7%

Shares of NYSE ONON traded up $0.30 during mid-day trading on Friday, reaching $45.29. 1,772,179 shares of the company's stock traded hands, compared to its average volume of 5,414,393. The stock has a market cap of $28.51 billion, a P/E ratio of 100.60, a PEG ratio of 5.66 and a beta of 2.23. The business has a 50-day simple moving average of $47.24 and a 200 day simple moving average of $49.12. On Holding AG has a 1-year low of $34.59 and a 1-year high of $64.05. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.53 and a quick ratio of 2.00.

ON 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.