Jennison Associates LLC Sells 5,339,984 Shares of On Holding AG (NYSE:ONON)

Jennison Associates LLC lowered its holdings in shares of On Holding AG (NYSE:ONON - Free Report) by 67.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,547,016 shares of the company's stock after selling 5,339,984 shares during the period. Jennison Associates LLC owned approximately 0.40% of ON worth $68,693,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. lifted its holdings in shares of ON by 20.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 2,145 shares of the company's stock valued at $60,000 after buying an additional 367 shares during the period. Janney Capital Management LLC lifted its holdings in shares of ON by 2.7% in the third quarter. Janney Capital Management LLC now owns 14,450 shares of the company's stock valued at $402,000 after buying an additional 384 shares during the period. Pittenger & Anderson Inc. lifted its holdings in shares of ON by 34.8% in the third quarter. Pittenger & Anderson Inc. now owns 1,550 shares of the company's stock valued at $43,000 after buying an additional 400 shares during the period. Spire Wealth Management lifted its holdings in shares of ON by 91.0% in the third quarter. Spire Wealth Management now owns 972 shares of the company's stock valued at $27,000 after buying an additional 463 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of ON by 63.7% in the third quarter. PNC Financial Services Group Inc. now owns 1,521 shares of the company's stock valued at $42,000 after buying an additional 592 shares during the period. Institutional investors and hedge funds own 33.11% of the company's stock.

ON Stock Performance

Shares of NYSE ONON traded up $0.61 during mid-day trading on Tuesday, reaching $32.54. 2,913,289 shares of the company traded hands, compared to its average volume of 5,301,237. The company's fifty day moving average is $33.12 and its two-hundred day moving average is $29.45. On Holding AG has a fifty-two week low of $23.41 and a fifty-two week high of $37.08. The stock has a market cap of $20.49 billion, a PE ratio of 119.93, a price-to-earnings-growth ratio of 1.10 and a beta of 2.16.

ON (NYSE:ONON - Get Free Report) last announced its earnings results on Tuesday, March 12th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.18). ON had a net margin of 4.04% and a return on equity of 6.85%. The business had revenue of $504.69 million for the quarter, compared to the consensus estimate of $515.30 million. Research analysts forecast that On Holding AG will post 0.65 earnings per share for the current year.

Wall Street Analyst Weigh In

ONON has been the subject of several analyst reports. Morgan Stanley reaffirmed an "overweight" rating and set a $32.00 target price on shares of ON in a report on Monday. Evercore ISI reduced their target price on ON from $40.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday, March 13th. TheStreet downgraded ON from a "c" rating to a "d+" rating in a report on Monday, March 18th. Piper Sandler upped their target price on ON from $37.00 to $39.00 and gave the company an "overweight" rating in a report on Thursday, March 21st. Finally, Barclays initiated coverage on ON in a report on Monday, April 1st. They set an "overweight" rating and a $38.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $37.13.

ON Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.