Peloton Wealth Strategists Decreases Stock Position in On Holding AG $ONON

Key Points

• Peloton Wealth Strategists reduced its stake in On Holding AG by 30.5%, selling 11,750 shares and retaining 26,810 shares valued at approximately $1.18 million.
• Several institutional investors, including PNC Financial Services and Citigroup, increased their holdings in On, with Citigroup ramping up its stake by 73.1%.
• The stock remains highly rated by analysts, with an average rating of "Moderate Buy" and a price target of $64.20, highlighting positive sentiment in the market.

Peloton Wealth Strategists decreased its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 30.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,810 shares of the company's stock after selling 11,750 shares during the quarter. Peloton Wealth Strategists' holdings in ON were worth $1,177,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONON. Bison Wealth LLC increased its stake in ON by 35.7% during the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company's stock worth $509,000 after acquiring an additional 2,442 shares during the last quarter. Cetera Investment Advisers increased its stake in ON by 24.1% during the fourth quarter. Cetera Investment Advisers now owns 47,186 shares of the company's stock worth $2,584,000 after acquiring an additional 9,176 shares during the last quarter. Cresset Asset Management LLC increased its stake in ON by 29.5% during the fourth quarter. Cresset Asset Management LLC now owns 8,702 shares of the company's stock worth $477,000 after acquiring an additional 1,983 shares during the last quarter. Focus Partners Wealth increased its stake in ON by 20.0% during the fourth quarter. Focus Partners Wealth now owns 27,907 shares of the company's stock worth $1,528,000 after acquiring an additional 4,657 shares during the last quarter. Finally, OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in ON during the fourth quarter worth $822,000. Institutional investors and hedge funds own 36.39% of the company's stock.

Analyst Upgrades and Downgrades

ONON has been the subject of several recent analyst reports. Telsey Advisory Group reissued an "outperform" rating and set a $65.00 target price on shares of ON in a research note on Thursday, August 7th. Jefferies Financial Group set a $40.00 price target on ON and gave the stock an "underperform" rating in a research report on Wednesday, August 13th. Raymond James Financial lowered ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target for the company. in a research report on Tuesday, July 22nd. Needham & Company LLC restated a "buy" rating and set a $62.00 price target on shares of ON in a research report on Tuesday, August 12th. Finally, Morgan Stanley raised their price target on ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. One 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 data from MarketBeat.com, ON presently has an average rating of "Moderate Buy" and an average target price of $64.20.

ON Stock Down 0.7%

NYSE:ONON traded down $0.31 during midday trading on Friday, reaching $42.99. The company had a trading volume of 3,856,532 shares, compared to its average volume of 4,753,684. The firm has a market capitalization 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 stock's fifty day simple moving average is $48.03 and its 200-day simple moving average is $49.26. On Holding AG has a 12-month low of $34.59 and a 12-month high of $64.05. The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31.

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.