Allspring Global Investments Holdings LLC Acquires 516,478 Shares of On Holding AG (NYSE:ONON)

Allspring Global Investments Holdings LLC grew its holdings in shares of On Holding AG (NYSE:ONON) by 30.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,224,894 shares of the company’s stock after buying an additional 516,478 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.35% of ON worth $78,717,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ONON. Orion Capital Management LLC grew its stake in ON by 1,100.0% in the fourth quarter. Orion Capital Management LLC now owns 1,200 shares of the company’s stock worth $32,000 after purchasing an additional 1,100 shares in the last quarter. VisionPoint Advisory Group LLC purchased a new stake in ON during the fourth quarter worth $32,000. Global Wealth Management Investment Advisory Inc. purchased a new stake in ON during the fourth quarter worth $33,000. Spire Wealth Management lifted its holdings in ON by 66.2% during the fourth quarter. Spire Wealth Management now owns 1,615 shares of the company’s stock worth $45,000 after buying an additional 643 shares during the period. Finally, Rakuten Securities Inc. purchased a new stake in shares of ON during the 4th quarter valued at $47,000. Institutional investors own 33.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Telsey Advisory Group increased their price objective on ON from $40.00 to $47.00 and gave the company an “outperform” rating in a report on Friday, June 7th. Truist Financial restated a “buy” rating and issued a $46.00 target price on shares of ON in a research note on Tuesday, June 18th. JPMorgan Chase & Co. raised their target price on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. UBS Group raised their target price on ON from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Finally, Piper Sandler raised their target price on ON from $37.00 to $39.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, ON currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

ON Price Performance

Shares of ONON stock traded down $0.81 during trading on Tuesday, hitting $37.22. 1,119,238 shares of the stock traded hands, compared to its average volume of 5,249,471. On Holding AG has a 52-week low of $23.41 and a 52-week high of $44.30. The firm’s fifty day moving average price is $37.95 and its 200-day moving average price is $33.28. The firm has a market capitalization of $23.44 billion, a P/E ratio of 86.43, a price-to-earnings-growth ratio of 1.14 and a beta of 2.23.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, May 14th. The company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.12 by $0.20. The business had revenue of $581.41 million during the quarter, compared to the consensus estimate of $555.52 million. ON had a net margin of 6.46% and a return on equity of 11.13%. As a group, equities research analysts expect that On Holding AG will post 0.78 earnings per share for the current year.

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.