Thornburg Investment Management Inc. Sells 11,150 Shares of On Holding AG (NYSE:ONON)

Key Points

• Thornburg Investment Management Inc. has reduced its stake in On Holding AG by 7.9%, selling 11,150 shares and holding 129,880 shares worth approximately $5.7 million.
• Several other hedge funds have also made significant adjustments to their positions in On Holding, with Kestra Private Wealth Services LLC increasing its holdings by 151.2% in the first quarter.
• The stock's current market capitalization is $31.92 billion, and analysts have a consensus target price of $64.00 with a majority recommending a "buy" rating.

Thornburg Investment Management Inc. lessened its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 7.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 129,880 shares of the company's stock after selling 11,150 shares during the period. Thornburg Investment Management Inc.'s holdings in ON were worth $5,704,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Kestra Private Wealth Services LLC boosted its holdings in shares of ON by 151.2% during the 1st quarter. Kestra Private Wealth Services LLC now owns 18,878 shares of the company's stock valued at $829,000 after buying an additional 11,362 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of ON during the fourth quarter valued at $39,119,000. APEIRON CAPITAL Ltd increased its holdings in shares of ON by 35.9% during the first quarter. APEIRON CAPITAL Ltd now owns 999,125 shares of the company's stock valued at $43,882,000 after acquiring an additional 264,000 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in shares of ON by 9.5% during the first quarter. OneDigital Investment Advisors LLC now owns 6,282 shares of the company's stock valued at $276,000 after acquiring an additional 544 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of ON during the fourth quarter valued at $28,575,000. Institutional investors own 36.39% of the company's stock.

ON Price Performance

NYSE ONON traded down $1.06 on Wednesday, reaching $50.69. The company had a trading volume of 5,531,019 shares, compared to its average volume of 4,545,541. The company has a quick ratio of 2.18, a current ratio of 2.80 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $31.92 billion, a PE ratio of 72.41, a price-to-earnings-growth ratio of 2.91 and a beta of 2.25. The firm's 50 day moving average price is $54.46 and its 200 day moving average price is $51.60. On Holding AG has a 12 month low of $34.59 and a 12 month high of $64.05.

Analyst Ratings Changes

Several brokerages have recently weighed in on ONON. Needham & Company LLC raised their price target on ON from $55.00 to $62.00 and gave the company a "buy" rating in a report on Wednesday, May 14th. Raymond James Financial lowered ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price objective for the company. in a report on Tuesday, July 22nd. UBS Group set a $75.00 price objective on ON in a report on Wednesday, May 14th. Jefferies Financial Group started coverage on ON in a report on Tuesday, April 1st. They issued a "hold" rating and a $44.00 target price on the stock. Finally, Evercore ISI raised their target price on ON from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, ON presently has an average rating of "Moderate Buy" and a consensus target price of $64.00.

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.