Wealth Enhancement Advisory Services LLC Trims Stake in On Holding AG $ONON

Key Points

• Wealth Enhancement Advisory Services LLC cut its stake in On Holding AG by 57.0%, reducing its position to 27,503 shares after selling 36,427 shares in the second quarter, valued at approximately $1.49 million.
• Several hedge funds increased their positions in On Holding AG, with Jennison Associates LLC expanding its stake by 136.6% and owning nearly 4.85 million shares valued at over $212 million.
• Analysts have mixed ratings on On Holding AG, with a total of 19 'Buy' ratings, a target price increase from UBS Group to $79.00, and an average target price of $64.20.

Wealth Enhancement Advisory Services LLC reduced its position in shares of On Holding AG (NYSE:ONON - Free Report) by 57.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,503 shares of the company's stock after selling 36,427 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in ON were worth $1,494,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ONON. Jennison Associates LLC grew its position in shares of ON by 136.6% during the 1st quarter. Jennison Associates LLC now owns 4,848,438 shares of the company's stock valued at $212,943,000 after purchasing an additional 2,798,794 shares in the last quarter. Alliancebernstein L.P. grew its position in shares of ON by 13.9% during the 1st quarter. Alliancebernstein L.P. now owns 19,794,811 shares of the company's stock valued at $869,388,000 after purchasing an additional 2,416,534 shares in the last quarter. Nuveen LLC purchased a new position in shares of ON during the 1st quarter valued at $102,850,000. Migdal Insurance & Financial Holdings Ltd. grew its position in ON by 355.0% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 910,000 shares of the company's stock worth $39,967,000 after acquiring an additional 710,000 shares in the last quarter. Finally, Jump Financial LLC grew its position in ON by 746.6% in the first 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 in the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on ONON. Raymond James Financial lowered shares of ON from a "strong-buy" rating to an "outperform" rating and set a $66.00 target price for the company. in a research report on Tuesday, July 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $62.00 target price on shares of ON in a research report on Tuesday, August 12th. Telsey Advisory Group reiterated an "outperform" rating and issued a $65.00 target price on shares of ON in a research report on Thursday, August 7th. UBS Group upped their target price 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. Finally, Morgan Stanley upped their target price 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. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, ON has an average rating of "Moderate Buy" and an average target price of $64.20.

ON Stock Performance

Shares of NYSE:ONON opened at $43.55 on Tuesday. The company has a market cap of $27.42 billion, a price-to-earnings ratio of 96.78, a price-to-earnings-growth ratio of 5.48 and a beta of 2.23. The company has a 50-day moving average price of $46.03 and a 200-day moving average price of $49.00. The company has a current ratio of 2.53, a quick ratio of 2.00 and a debt-to-equity ratio of 0.31. On Holding AG has a 12 month low of $34.59 and a 12 month high of $64.05.

ON Company 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.

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