Select Equity Group L.P. Sells 2,892,116 Shares of On Holding AG (NYSE:ONON)

Select Equity Group L.P. reduced its holdings in On Holding AG (NYSE:ONON - Free Report) by 66.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,491,157 shares of the company's stock after selling 2,892,116 shares during the period. Select Equity Group L.P. owned 0.24% of ON worth $81,671,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Snowden Capital Advisors LLC lifted its stake in ON by 4.4% in the fourth quarter. Snowden Capital Advisors LLC now owns 13,814 shares of the company's stock valued at $757,000 after acquiring an additional 584 shares during the last quarter. Royal Bank of Canada grew its holdings in ON by 21.1% during the fourth quarter. Royal Bank of Canada now owns 388,095 shares of the company's stock worth $21,256,000 after purchasing an additional 67,566 shares during the period. Point72 Hong Kong Ltd acquired a new position in ON during the fourth quarter worth approximately $69,000. Quantedge Capital Pte Ltd acquired a new position in ON during the fourth quarter worth approximately $4,732,000. Finally, Nomura Holdings Inc. bought a new stake in ON in the fourth quarter valued at approximately $280,000. 36.39% of the stock is owned by institutional investors.

ON Price Performance

ONON traded down $0.26 on Thursday, hitting $58.89. 1,321,621 shares of the stock were exchanged, compared to its average volume of 5,126,209. The firm has a market capitalization of $37.08 billion, a price-to-earnings ratio of 136.99, a PEG ratio of 1.02 and a beta of 2.30. On Holding AG has a 12 month low of $34.59 and a 12 month high of $64.05. The business has a 50-day moving average of $46.94 and a two-hundred day moving average of $51.94.

Analysts Set New Price Targets

A number of research firms recently weighed in on ONON. Williams Trading boosted their target price on ON from $60.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Morgan Stanley dropped their price objective on shares of ON from $66.00 to $62.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 6th. Evercore ISI lifted their target price on shares of ON from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Wednesday, May 14th. Barclays set a $68.00 price target on shares of ON in a report on Wednesday, May 14th. Finally, HSBC upgraded ON from a "hold" rating to a "buy" rating and set a $58.00 price objective for the company in a report on Tuesday, March 11th. Two analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $62.45.

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.