ThornTree Capital Partners LP Purchases 86,120 Shares of On Holding AG $ONON

Key Points

• ThornTree Capital Partners LP increased its stake in On Holding AG by 23.6%, owning 450,282 shares, which amounts to 4.4% of its portfolio.
• Several institutional investors, including Alliancebernstein L.P. and Jennison Associates LLC, boosted their positions in On Holding, indicating significant interest from the investment community.
• Analysts have a generally positive outlook on ONON shares, with an average price target of $64.20 and multiple "buy" ratings from firms including UBS Group and Evercore ISI.

ThornTree Capital Partners LP increased its stake in shares of On Holding AG (NYSE:ONON - Free Report) by 23.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 450,282 shares of the company's stock after acquiring an additional 86,120 shares during the quarter. ON comprises approximately 4.4% of ThornTree Capital Partners LP's holdings, making the stock its 13th largest holding. ThornTree Capital Partners LP owned 0.07% of ON worth $19,776,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ONON. Bison Wealth LLC increased its position in ON by 35.7% during the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company's stock worth $509,000 after acquiring an additional 2,442 shares during the period. Baird Financial Group Inc. boosted its stake in ON by 66.4% during the fourth quarter. Baird Financial Group Inc. now owns 98,007 shares of the company's stock worth $5,368,000 after buying an additional 39,102 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of ON by 24.1% in the 4th quarter. Cetera Investment Advisers now owns 47,186 shares of the company's stock valued at $2,584,000 after purchasing an additional 9,176 shares in the last quarter. Cresset Asset Management LLC boosted its stake in shares of ON by 29.5% in the 4th quarter. Cresset Asset Management LLC now owns 8,702 shares of the company's stock valued at $477,000 after purchasing an additional 1,983 shares in the last quarter. Finally, Fullerton Fund Management Co Ltd. acquired a new stake in shares of ON in the 4th quarter valued at $16,005,000. Institutional investors own 36.39% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ONON shares. Piper Sandler restated an "overweight" rating on shares of ON in a research note on Tuesday, May 13th. Needham & Company LLC reiterated a "buy" rating and set a $62.00 price target on shares of ON in a research report on Tuesday, August 12th. Morgan Stanley upped their price target on shares of ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 13th. Raymond James Financial downgraded shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price target on the stock. in a research report on Tuesday, July 22nd. Finally, UBS Group upped their price target on shares of ON from $75.00 to $79.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $64.20.

ON Trading Down 1.8%

NYSE:ONON traded down $0.81 on Tuesday, hitting $44.39. 4,586,510 shares of the stock were exchanged, compared to its average volume of 6,536,309. The stock has a market capitalization of $27.95 billion, a price-to-earnings ratio of 98.65, a P/E/G ratio of 5.84 and a beta of 2.23. On Holding AG has a 52 week low of $34.59 and a 52 week high of $64.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.00 and a current ratio of 2.53. The company's 50-day moving average price is $48.70 and its 200 day moving average price is $49.37.

About ON

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.