Sei Investments Co. Reduces Stake in On Holding AG $ONON

Key Points

• Sei Investments cut its On Holding stake by 40.6% in the first quarter, selling 203,056 shares and retaining 296,653 shares valued at approximately $10.1 million.
• On Holding insiders showed strong buying activity: the two CEOs each purchased 60,000 shares, contributing to 180,000 insider shares bought over the past three months for roughly $6.6 million.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $53.63 price target, despite ONON shares opening at $36.34 and trading near the lower end of their 12-month range.

Sei Investments Co. cut its position in shares of On Holding AG (NYSE:ONON - Free Report) by 40.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 296,653 shares of the company's stock after selling 203,056 shares during the quarter. Sei Investments Co.'s holdings in ON were worth $10,092,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of ONON. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in 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 acquiring an additional 62,500 shares during the last quarter. Robinhood Asset Management LLC acquired a new position in ON during the fourth quarter worth about $4,747,000. One Capital Management LLC acquired a new position in ON during the fourth quarter worth about $8,887,000. RFG Advisory LLC purchased a new stake in shares of ON in the fourth quarter valued at about $1,343,000. Finally, Norges Bank purchased a new stake in shares of ON in the fourth quarter valued at about $128,826,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ON news, CEO Caspar Felix Coppetti purchased 60,000 shares of the business's stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the acquisition, the chief executive officer owned 2,375,855 shares of the company's stock, valued at approximately $87,051,327.20. The trade was a 2.59% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Michael Allemann purchased 60,000 shares of ON stock in a transaction on Thursday, May 14th. The shares were acquired at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the purchase, the chief executive officer owned 2,841,108 shares in the company, valued at approximately $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. Company insiders own 68.57% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ONON shares. Barclays dropped their price objective 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 raised ON from an "outperform" rating to a "strong-buy" rating and set a $52.00 target price on the stock in a research note on Thursday, April 23rd. Zacks Research raised ON from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. assumed coverage on ON in a report on Thursday, July 2nd. They issued an "overweight" rating and a $51.00 price target for the company. Finally, Wall Street Zen downgraded ON from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.63.

ON Stock Performance

Shares of NYSE ONON opened at $36.34 on Friday. The company has a market cap of $23.19 billion, a PE ratio of 39.07, a price-to-earnings-growth ratio of 0.68 and a beta of 2.12. On Holding AG has a 12 month low of $31.41 and a 12 month high of $52.20. 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 company has a 50-day simple moving average of $37.56 and a 200-day simple moving average of $39.30.

ON (NYSE:ONON - Get Free Report) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $0.21 earnings per share. The company's revenue was up 14.5% on a year-over-year basis. On average, equities analysts anticipate that On Holding AG will post 1.5 earnings per share for the current year.

ON Company 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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