Pinnacle Associates Ltd. Has $1.31 Million Stake in On Holding AG (NYSE:ONON)

Key Points

• Pinnacle Associates Ltd. increased its stake in On Holding AG by 55.2%, holding a total of 29,800 shares valued at approximately $1.31 million.
• Several other institutional investors also enhanced their holdings in ONON, with a combined 36.39% of the stock now owned by hedge funds and institutional investors.
• Analysts have a consensus rating of "Moderate Buy" for ONON, with an average target price of $64.00, reflecting optimism about future performance.

Pinnacle Associates Ltd. grew its stake in shares of On Holding AG (NYSE:ONON - Free Report) by 55.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 29,800 shares of the company's stock after purchasing an additional 10,595 shares during the period. Pinnacle Associates Ltd.'s holdings in ON were worth $1,309,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of ONON. CWM LLC lifted its holdings in shares of ON by 22.2% in the first quarter. CWM LLC now owns 1,259 shares of the company's stock valued at $55,000 after purchasing an additional 229 shares in the last quarter. Sage Capital Advisors llc lifted its holdings in shares of ON by 0.3% in the first quarter. Sage Capital Advisors llc now owns 100,329 shares of the company's stock valued at $4,406,000 after purchasing an additional 269 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of ON by 2.4% in the fourth quarter. CreativeOne Wealth LLC now owns 13,574 shares of the company's stock valued at $743,000 after purchasing an additional 323 shares in the last quarter. Merit Financial Group LLC lifted its holdings in shares of ON by 2.9% in the first quarter. Merit Financial Group LLC now owns 12,275 shares of the company's stock valued at $539,000 after purchasing an additional 348 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of ON by 53.4% in the first quarter. Parallel Advisors LLC now owns 1,292 shares of the company's stock valued at $57,000 after purchasing an additional 450 shares in the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Stock Up 1.6%

ONON stock opened at $50.77 on Friday. On Holding AG has a fifty-two week low of $34.59 and a fifty-two week high of $64.05. The business's 50 day moving average price is $54.79 and its two-hundred day moving average price is $51.66. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80. The company has a market capitalization of $31.97 billion, a price-to-earnings ratio of 72.52, a price-to-earnings-growth ratio of 2.85 and a beta of 2.25.

Analyst Ratings Changes

ONON has been the topic of a number of recent research reports. Jefferies Financial Group initiated coverage on ON in a report on Tuesday, April 1st. They issued a "hold" rating and a $44.00 target price on the stock. Citigroup upgraded ON from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $65.00 to $60.00 in a report on Monday, April 28th. Telsey Advisory Group reiterated an "outperform" rating and set a $65.00 price target on shares of ON in a report on Tuesday, May 13th. Cowen reiterated a "buy" rating on shares of ON in a report on Wednesday, May 14th. Finally, Needham & Company LLC lifted their price target on ON from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Wednesday, May 14th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, ON presently has a consensus rating of "Moderate Buy" and an average target price of $64.00.

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.

Want to see what other hedge funds are holding ONON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for On Holding AG (NYSE:ONON - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.