Sage Capital Advisors llc Sells 30,062 Shares of On Holding AG $ONON

Key Points

• Sage Capital Advisors reduced its On Holding stake by 30%, selling 30,062 shares and retaining 70,108 shares valued at approximately $2.48 million. Institutional investors collectively own 36.39% of the company.
• ON shares were trading at $38.79, up 3.3%, while the company reported quarterly earnings of $0.46 per share and revenue of $1.04 billion, both ahead of analyst expectations. Revenue increased 14.5% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $53.84. Separately, insiders purchased 180,000 shares worth $6.59 million over the past three months, including purchases by both CEOs.

Sage Capital Advisors llc decreased its position in On Holding AG (NYSE:ONON - Free Report) by 30.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,108 shares of the company's stock after selling 30,062 shares during the quarter. Sage Capital Advisors llc's holdings in ON were worth $2,483,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Morgan Stanley boosted its position in shares of ON by 40.9% during the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company's stock worth $1,121,092,000 after buying an additional 6,997,455 shares during the period. Platinum Paramount Investment LTD. acquired a new stake in ON in the 4th quarter valued at approximately $525,784,000. Sinvest Investments II Ltd. bought a new stake in ON in the 4th quarter valued at approximately $390,432,000. Bamco Inc. NY lifted its stake in ON by 13.9% in the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company's stock valued at $251,247,000 after acquiring an additional 658,933 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in ON by 44.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company's stock worth $138,865,000 after acquiring an additional 1,026,804 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors.

ON Trading Up 3.3%

Shares of ON stock opened at $38.79 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39. The business has a fifty day simple moving average of $37.31 and a two-hundred day simple moving average of $38.91. On Holding AG has a 1 year low of $31.41 and a 1 year high of $52.20. The company has a market capitalization of $24.75 billion, a price-to-earnings ratio of 41.71, a P/E/G ratio of 0.69 and a beta of 2.12.

ON (NYSE:ONON - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.11. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. The company's revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.21 earnings per share. Research analysts forecast that On Holding AG will post 1.52 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. UBS Group decreased their price target on shares of ON from $85.00 to $82.00 and set a "buy" rating for the company in a research note on Wednesday, July 29th. Weiss Ratings upgraded shares of ON from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, May 12th. Raymond James Financial upgraded shares of ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 target price for the company in a report on Thursday, April 23rd. Barclays decreased their target price on shares of ON from $57.00 to $46.00 and set an "overweight" rating for the company in a research report on Wednesday, May 13th. Finally, KeyCorp reiterated an "overweight" rating on shares of ON in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $53.84.

Insider Buying and Selling at ON

In related news, CEO Caspar Felix Coppetti purchased 60,000 shares of the stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $36.64 per share, with a total value of $2,198,400.00. Following the acquisition, the chief executive officer directly owned 2,375,855 shares in the company, valued at $87,051,327.20. The trade was a 2.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO David Michael Allemann acquired 60,000 shares of ON stock in a transaction dated Thursday, May 14th. The shares were purchased at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the acquisition, the chief executive officer owned 2,841,108 shares of the company's stock, valued at approximately $104,069,786.04. This trade represents a 2.16% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 180,000 shares of company stock valued at $6,594,000 in the last three months.

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.

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