On Holding AG $ONON Shares Sold by Polen Capital Management LLC

Key Points

• Polen Capital Management cut its stake in On Holding AG by 24.7% in the fourth quarter, selling 63,891 shares and leaving it with 194,483 shares worth about $9.04 million.
• Several other institutional investors also adjusted positions, while institutional ownership of ONON stands at 36.39% and insiders own 68.57% of the stock.
• On Holding reported better-than-expected quarterly earnings of $0.46 per share on revenue of $1.04 billion, and analysts currently rate the stock a Moderate Buy with a consensus target price of $55.05.

Polen Capital Management LLC decreased its position in On Holding AG (NYSE:ONON - Free Report) by 24.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 194,483 shares of the company's stock after selling 63,891 shares during the quarter. Polen Capital Management LLC's holdings in ON were worth $9,040,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Xponance LLC raised its holdings in ON by 5.5% in the fourth quarter. Xponance LLC now owns 33,664 shares of the company's stock valued at $1,565,000 after acquiring an additional 1,768 shares in the last quarter. Jessup Wealth Management Inc acquired a new stake in ON in the fourth quarter valued at approximately $46,000. Sharpepoint LLC acquired a new stake in ON in the fourth quarter valued at approximately $420,000. Hodges Capital Management Inc. raised its holdings in ON by 9.1% during the fourth quarter. Hodges Capital Management Inc. now owns 369,250 shares of the company's stock worth $17,163,000 after purchasing an additional 30,864 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in ON by 4.5% during the fourth quarter. Janney Montgomery Scott LLC now owns 30,854 shares of the company's stock worth $1,434,000 after purchasing an additional 1,340 shares in the last quarter. Institutional investors and hedge funds own 36.39% of the company's stock.

Insider Activity

In other news, CEO David Michael Allemann acquired 60,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the transaction, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. This represents a 2.16% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Olivier Bernhard acquired 60,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the transaction, the insider owned 5,163,184 shares in the company, valued at $189,127,429.92. The trade was a 1.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have bought 180,000 shares of company stock valued at $6,594,000 and have sold 20,750 shares valued at $745,838. Insiders own 68.57% of the company's stock.

ON Stock Performance

Shares of ONON opened at $39.18 on Friday. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. The firm has a market cap of $25.00 billion, a PE ratio of 42.13, a price-to-earnings-growth ratio of 0.74 and a beta of 2.10. The company's 50 day simple moving average is $36.50 and its 200-day simple moving average is $41.75. On Holding AG has a 12-month low of $31.41 and a 12-month high of $56.81.

ON (NYSE:ONON - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the firm posted $0.21 earnings per share. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. As a group, equities analysts predict that On Holding AG will post 1.47 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ONON shares. Sanford C. Bernstein reissued an "outperform" rating on shares of ON in a report on Wednesday, March 4th. Barclays cut their price objective on shares of ON from $57.00 to $46.00 and set an "overweight" rating on the stock in a report on Wednesday, May 13th. Truist Financial cut their price objective on shares of ON from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Tuesday, May 12th. Needham & Company LLC cut their price objective on shares of ON from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Tuesday, May 12th. Finally, Raymond James Financial raised shares of ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 price objective on the stock in a report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $55.05.

ON Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.