Governors Lane LP Decreases Stock Holdings in On Holding AG (NYSE:ONON)

Governors Lane LP cut its position in On Holding AG (NYSE:ONON - Free Report) by 59.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,800 shares of the company's stock after selling 157,700 shares during the period. Governors Lane LP's holdings in ON were worth $5,795,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Legacy Bridge LLC bought a new stake in shares of ON during the fourth quarter worth approximately $43,000. Bernard Wealth Management Corp. acquired a new stake in shares of ON during the fourth quarter worth about $44,000. Arcadia Investment Management Corp MI acquired a new position in shares of ON in the fourth quarter valued at approximately $53,000. VisionPoint Advisory Group LLC acquired a new position in shares of ON in the fourth quarter valued at approximately $65,000. Finally, Blue Trust Inc. boosted its position in shares of ON by 148.8% during the fourth quarter. Blue Trust Inc. now owns 1,316 shares of the company's stock worth $66,000 after buying an additional 787 shares during the period. Institutional investors own 36.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ONON. Williams Trading increased their price objective on shares of ON from $60.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. The Goldman Sachs Group lowered shares of ON from a "buy" rating to a "neutral" rating and set a $57.00 price target on the stock. in a research report on Wednesday, February 12th. Needham & Company LLC lifted their price objective on shares of ON from $50.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Stifel Nicolaus dropped their price objective on shares of ON from $66.00 to $57.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Finally, Piper Sandler dropped their price objective on shares of ON from $62.00 to $55.00 and set an "overweight" rating for the company in a research note on Friday, April 11th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, ON has a consensus rating of "Buy" and a consensus target price of $58.18.

ON Stock Performance

Shares of NYSE:ONON traded up $4.36 during midday trading on Tuesday, reaching $55.67. 4,067,219 shares of the company's stock traded hands, compared to its average volume of 4,687,885. On Holding AG has a 1 year low of $30.32 and a 1 year high of $64.05. The company has a market cap of $35.05 billion, a P/E ratio of 129.98, a PEG ratio of 1.02 and a beta of 2.30. The company has a fifty day simple moving average of $45.18 and a two-hundred day simple moving average of $51.48.

ON (NYSE:ONON - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported $0.19 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.05). ON had a return on equity of 10.69% and a net margin of 5.87%. As a group, research analysts forecast that On Holding AG will post 0.66 EPS for the current fiscal year.

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.