Villere ST Denis J & Co. LLC Trims Stock Position in On Holding AG $ONON

Key Points

• Villere ST Denis J & Co. LLC reduced its stake in On Holding AG by 6.5% in the first quarter, selling 43,020 shares and ending with 615,787 shares worth about $20.9 million.
• On Holding reported better-than-expected quarterly results, posting EPS of $0.46 versus $0.35 expected and revenue of $1.04 billion, up 14.5% year over year. The company also saw strong insider activity, including a 60,000-share purchase by Olivier Bernhard.
• Analysts remain mostly bullish on ONON, with the stock carrying a consensus rating of “Moderate Buy” and an average price target of $53.79. Shares were also trading higher on the day, up 4.5% to $38.44.

Villere ST Denis J & Co. LLC cut its position in On Holding AG (NYSE:ONON - Free Report) by 6.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 615,787 shares of the company's stock after selling 43,020 shares during the quarter. ON comprises 2.3% of Villere ST Denis J & Co. LLC's investment portfolio, making the stock its 26th biggest position. Villere ST Denis J & Co. LLC owned about 0.10% of ON worth $20,949,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ONON. Caitlin John LLC bought a new stake in ON during the fourth quarter valued at $25,000. Cullen Frost Bankers Inc. boosted its position in shares of ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company's stock valued at $25,000 after acquiring an additional 467 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of ON during the fourth quarter worth about $27,000. Caitong International Asset Management Co. Ltd lifted its position in ON by 555.1% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company's stock valued at $33,000 after purchasing an additional 594 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its stake in ON by 109.9% in the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company's stock worth $37,000 after buying an additional 421 shares in the last quarter. 36.39% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Weiss Ratings raised ON from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Tuesday, May 12th. Evercore set a $42.00 price target on ON in a research note on Tuesday, May 12th. Barclays cut their price objective on ON from $57.00 to $46.00 and set an "overweight" rating for the company in a report on Wednesday, May 13th. Guggenheim reiterated a "buy" rating and set a $51.00 price objective on shares of ON in a research report on Wednesday, May 13th. Finally, Wall Street Zen upgraded ON from a "hold" rating to a "buy" rating in a research report on Saturday, June 27th. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.79.

ON Trading Up 4.5%

NYSE:ONON traded up $1.67 during midday trading on Friday, reaching $38.44. 5,753,056 shares of the stock traded hands, compared to its average volume of 4,499,183. The stock has a market capitalization of $24.53 billion, a P/E ratio of 41.33, a PEG ratio of 0.67 and a beta of 2.12. 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 company has a fifty day moving average of $37.34 and a 200 day moving average of $40.41. On Holding AG has a 12 month low of $31.41 and a 12 month high of $54.41.

ON (NYSE:ONON - Get Free Report) last released its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.11. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.21 earnings per share. On average, research analysts predict that On Holding AG will post 1.52 EPS for the current year.

Insiders Place Their Bets

In other ON news, insider Olivier Bernhard acquired 60,000 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the transaction, the insider owned 5,163,184 shares in the company, valued at $189,127,429.92. This represents a 1.18% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Martin Hoffmann sold 4,150 shares of the company's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $35.84, for a total value of $148,736.00. Following the transaction, the chief executive officer owned 1,385,099 shares of the company's stock, valued at approximately $49,641,948.16. This represents a 0.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders acquired 180,000 shares of company stock worth $6,594,000 and sold 12,450 shares worth $441,352. Insiders own 68.57% of the company's stock.

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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