On Holding AG (NYSE:ONON) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its position in On Holding AG (NYSE:ONON - Free Report) by 68.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 41,638 shares of the company's stock after selling 88,743 shares during the period. Principal Financial Group Inc.'s holdings in ON were worth $1,829,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. FMR LLC raised its position in ON by 1.6% in the fourth quarter. FMR LLC now owns 28,875,965 shares of the company's stock valued at $1,581,537,000 after purchasing an additional 462,738 shares during the period. Alliancebernstein L.P. lifted its stake in shares of ON by 2.8% in the fourth quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company's stock worth $951,808,000 after acquiring an additional 471,805 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in ON by 0.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company's stock worth $184,109,000 after purchasing an additional 18,752 shares during the last quarter. Norges Bank acquired a new position in ON during the 4th quarter worth $164,574,000. Finally, Voloridge Investment Management LLC raised its position in shares of ON by 10.7% during the 4th quarter. Voloridge Investment Management LLC now owns 2,026,890 shares of the company's stock valued at $111,013,000 after acquiring an additional 196,270 shares in the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Trading Down 2.0%

NYSE ONON traded down $1.10 during trading on Friday, hitting $53.14. The stock had a trading volume of 2,954,881 shares, compared to its average volume of 4,614,686. The stock has a market capitalization of $33.46 billion, a price-to-earnings ratio of 75.89, a P/E/G ratio of 2.97 and a beta of 2.25. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.18 and a current ratio of 2.80. On Holding AG has a one year low of $34.59 and a one year high of $64.05. The stock has a 50 day simple moving average of $55.40 and a 200 day simple moving average of $51.81.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ONON. Stifel Nicolaus upped their price objective on ON from $57.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Barclays set a $68.00 price objective on ON in a report on Wednesday, May 14th. Morgan Stanley reduced their price target on shares of ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Piper Sandler restated an "overweight" rating on shares of ON in a research report on Tuesday, May 13th. Finally, UBS Group set a $75.00 target price on ON in a report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, ON has an average rating of "Buy" and a consensus price target of $63.85.

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.