SBI Okasan Asset Management Co.Ltd. Takes Position in On Holding AG $ONON

Key Points

• SBI Okasan Asset Management opened a new position in On Holding AG, buying 26,000 shares worth about $1.23 million in the fourth quarter.
• Institutional interest in ONON remains strong, with several large funds increasing stakes and 36.39% of the stock now held by institutions and hedge funds.
• On Holding reported better-than-expected quarterly results, posting $0.46 EPS versus the $0.35 estimate and revenue of $1.04 billion; analysts currently rate the stock Moderate Buy with a consensus target of $55.05.

SBI Okasan Asset Management Co.Ltd. purchased a new stake in On Holding AG (NYSE:ONON - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 26,000 shares of the company's stock, valued at approximately $1,234,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Sands Capital Management LLC increased its position in ON by 46.7% during the 3rd quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company's stock valued at $286,685,000 after buying an additional 2,155,083 shares in the last quarter. Bamco Inc. NY increased its position in ON by 14.7% during the 3rd quarter. Bamco Inc. NY now owns 4,746,553 shares of the company's stock valued at $201,017,000 after buying an additional 606,579 shares in the last quarter. American Century Companies Inc. increased its position in ON by 9.9% during the 3rd quarter. American Century Companies Inc. now owns 4,058,475 shares of the company's stock valued at $171,876,000 after buying an additional 365,907 shares in the last quarter. Ameriprise Financial Inc. increased 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 valued at $138,865,000 after buying an additional 1,026,804 shares in the last quarter. Finally, FengHe Fund Management Pte. Ltd. acquired a new position in ON during the 4th quarter valued at about $142,425,000. 36.39% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on ONON shares. Truist Financial reduced their target price on ON from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Tuesday, May 12th. Evercore set a $42.00 target price on ON in a research report on Tuesday, May 12th. Weiss Ratings raised ON from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, May 12th. Guggenheim reaffirmed a "buy" rating and set a $51.00 target price on shares of ON in a research report on Wednesday, May 13th. Finally, Zacks Research lowered ON from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 11th. Two research 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $55.05.

Insider Buying and Selling

In related news, CEO Martin Hoffmann sold 4,150 shares of the firm's stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $35.84, for a total transaction 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 trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Michael Allemann bought 60,000 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were bought 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 chief executive officer owned 2,841,108 shares of the company's stock, valued at $104,069,786.04. This trade represents a 2.16% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 180,000 shares of company stock valued at $6,594,000 and sold 20,750 shares valued at $745,838. Company insiders own 68.57% of the company's stock.

ON Stock Up 0.6%

ON stock opened at $39.84 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98. The business's 50-day simple moving average is $36.05 and its two-hundred day simple moving average is $41.91. The company has a market cap of $25.42 billion, a PE ratio of 42.84, a PEG ratio of 0.82 and a beta of 2.09. On Holding AG has a fifty-two week low of $31.41 and a fifty-two week high of $60.62.

ON (NYSE:ONON - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. ON had a return on equity of 15.72% and a net margin of 7.92%.The company's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 EPS. Equities analysts anticipate that On Holding AG will post 1.39 EPS for the current year.

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.