Sands Capital Management LLC Sells 134,380 Shares of On Holding AG $ONON

Key Points

• Sands Capital Management trimmed its On Holding AG position by 2.0% in the fourth quarter, selling 134,380 shares and still holding 6,635,050 shares valued at about $308.4 million.
• On Holding reported strong quarterly results, with EPS of $0.46 topping estimates and revenue of $1.04 billion, up 14.5% year over year. The company also posted solid profitability metrics, including a 7.92% net margin.
• Wall Street remains generally positive on ONON, with a Moderate Buy consensus and an average price target of $55.05, even as some firms recently lowered their targets.

Sands Capital Management LLC reduced its position in On Holding AG (NYSE:ONON - Free Report) by 2.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,635,050 shares of the company's stock after selling 134,380 shares during the period. ON accounts for about 0.9% of Sands Capital Management LLC's portfolio, making the stock its 28th largest position. Sands Capital Management LLC owned approximately 1.06% of ON worth $308,397,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of ON by 54.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,200 shares of the company's stock valued at $8,320,000 after buying an additional 62,500 shares in the last quarter. Robinhood Asset Management LLC acquired a new stake in ON in the 4th quarter worth approximately $4,747,000. American Century Companies Inc. boosted its stake in ON by 9.9% in the 3rd quarter. American Century Companies Inc. now owns 4,058,475 shares of the company's stock worth $171,876,000 after purchasing an additional 365,907 shares in the last quarter. One Capital Management LLC acquired a new stake in ON in the 4th quarter worth approximately $8,887,000. Finally, RFG Advisory LLC acquired a new stake in ON in the 4th quarter worth approximately $1,343,000. 36.39% of the stock is currently owned by institutional investors.

ON Stock Up 0.1%

ONON stock opened at $38.60 on Monday. The firm's fifty day simple moving average is $36.58 and its 200-day simple moving average is $41.74. The company has a market capitalization of $24.63 billion, a P/E ratio of 41.51, a price-to-earnings-growth ratio of 0.75 and a beta of 2.10. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39. On Holding AG has a 12 month low of $31.41 and a 12 month high of $55.95.

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ONON shares. Sanford C. Bernstein reiterated an "outperform" rating on shares of ON in a research note on Wednesday, March 4th. Weiss Ratings upgraded shares of ON from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, May 12th. Barclays lowered their target price on shares of ON from $57.00 to $46.00 and set an "overweight" rating for the company in a research note on Wednesday, May 13th. 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 research note on Thursday, April 23rd. Finally, KeyCorp lowered their target price on shares of ON from $58.00 to $43.00 and set an "overweight" rating for the company in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $55.05.

Insider Buying and Selling at ON

In other news, CEO Martin Hoffmann sold 4,150 shares of the company's stock in a transaction on Monday, April 27th. The shares were sold at an average price of $35.84, for a total value of $148,736.00. Following the sale, the chief executive officer directly owned 1,385,099 shares of the company's stock, valued at $49,641,948.16. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Olivier Bernhard acquired 60,000 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was acquired at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the acquisition, the insider directly owned 5,163,184 shares in the company, valued at approximately $189,127,429.92. The trade was a 1.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders acquired 180,000 shares of company stock valued at $6,594,000 and sold 20,750 shares valued at $745,838.

About ON

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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