Fred Alger Management LLC Lowers Holdings in On Holding AG (NYSE:ONON)

Fred Alger Management LLC reduced its position in shares of On Holding AG (NYSE:ONON - Free Report) by 14.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 616,905 shares of the company's stock after selling 105,760 shares during the period. Fred Alger Management LLC owned 0.10% of ON worth $33,788,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. FMR LLC lifted its holdings in ON by 1.6% in the 4th quarter. FMR LLC now owns 28,875,965 shares of the company's stock worth $1,581,537,000 after buying an additional 462,738 shares during the period. Alliancebernstein L.P. lifted its stake in ON by 2.8% in the fourth quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company's stock worth $951,808,000 after acquiring an additional 471,805 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in ON by 0.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,361,491 shares of the company's stock valued at $184,109,000 after acquiring an additional 18,752 shares in the last quarter. Norges Bank bought a new stake in ON in the fourth quarter valued at $164,574,000. Finally, Jennison Associates LLC raised its holdings in ON by 27.4% in the 4th quarter. Jennison Associates LLC now owns 2,049,644 shares of the company's stock worth $112,259,000 after purchasing an additional 440,685 shares in the last quarter. 36.39% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Barclays lifted their target price on shares of ON from $63.00 to $64.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. UBS Group lifted their price objective on ON from $56.00 to $59.00 and gave the company a "buy" rating in a research report on Monday, April 28th. HSBC raised ON from a "hold" rating to a "buy" rating and set a $58.00 target price for the company in a research report on Tuesday, March 11th. Morgan Stanley dropped their price target on ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Finally, Stifel Nicolaus decreased their price objective on ON from $66.00 to $57.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Two investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, ON currently has an average rating of "Buy" and a consensus target price of $58.73.

ON Stock Down 0.5 %

ONON traded down $0.26 during mid-day trading on Friday, reaching $49.46. 2,614,549 shares of the company traded hands, compared to its average volume of 4,666,214. The stock has a market capitalization of $31.14 billion, a P/E ratio of 115.03, a P/E/G ratio of 1.02 and a beta of 2.30. On Holding AG has a 52-week low of $30.32 and a 52-week high of $64.05. The company's fifty day moving average price is $45.20 and its 200-day moving average price is $51.47.

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.