ThornTree Capital Partners LP Acquires 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 holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 23.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 450,282 shares of the company's stock after purchasing an additional 86,120 shares during the quarter. ON accounts for about 4.4% of ThornTree Capital Partners LP's investment portfolio, making the stock its 13th largest holding. ThornTree Capital Partners LP owned approximately 0.07% of ON worth $19,776,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ONON. PNC Financial Services Group Inc. grew its holdings in ON by 36.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,245 shares of the company's stock worth $494,000 after acquiring an additional 3,025 shares in the last quarter. Citigroup Inc. increased its holdings in shares of ON by 73.1% in the 1st quarter. Citigroup Inc. now owns 213,127 shares of the company's stock worth $9,361,000 after acquiring an additional 89,982 shares during the period. Kestra Private Wealth Services LLC increased its holdings in shares of ON by 151.2% in the 1st quarter. Kestra Private Wealth Services LLC now owns 18,878 shares of the company's stock worth $829,000 after acquiring an additional 11,362 shares during the period. Quantitative Investment Management LLC acquired a new stake in shares of ON in the 1st quarter worth about $410,000. Finally, Jump Financial LLC increased its holdings in shares of ON by 746.6% in the 1st quarter. Jump Financial LLC now owns 717,740 shares of the company's stock worth $31,523,000 after acquiring an additional 632,965 shares during the period. Institutional investors and hedge funds own 36.39% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on ONON shares. Morgan Stanley increased their price objective on shares of ON from $62.00 to $65.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Raymond James Financial cut shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 price objective on the stock. in a report on Tuesday, July 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $62.00 price objective on shares of ON in a report on Tuesday, August 12th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $65.00 price objective on shares of ON in a report on Thursday, August 7th. Finally, Jefferies Financial Group set a $40.00 target price on ON and gave the stock an "underperform" rating in a report on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $64.20.

ON Stock Down 0.4%

Shares of NYSE:ONON traded down $0.19 during trading on Friday, reaching $43.11. 1,671,653 shares of the company traded hands, compared to its average volume of 5,423,924. The firm has a fifty day simple moving average of $48.26 and a 200 day simple moving average of $49.29. The firm has a market cap of $27.14 billion, a P/E ratio of 95.97, a price-to-earnings-growth ratio of 5.53 and a beta of 2.23. On Holding AG has a 1-year low of $34.59 and a 1-year high of $64.05. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31.

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.