ON (NYSE:ONON) Stock Price Down 2.9%

On Holding AG (NYSE:ONON)’s share price fell 2.9% on Tuesday . The stock traded as low as $36.73 and last traded at $36.93. 763,523 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 5,243,019 shares. The stock had previously closed at $38.03.

Analyst Ratings Changes

ONON has been the topic of a number of research analyst reports. Piper Sandler boosted their target price on ON from $37.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Evercore ISI boosted their price objective on ON from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Wednesday, May 15th. TD Cowen raised their target price on ON from $36.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Telsey Advisory Group lifted their target price on ON from $40.00 to $47.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Finally, Barclays increased their price target on shares of ON from $38.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 15th. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, ON presently has a consensus rating of “Moderate Buy” and an average price target of $42.53.

ON Price Performance

The stock has a market cap of $23.07 billion, a price-to-earnings ratio of 83.27, a P/E/G ratio of 1.09 and a beta of 2.22. The business’s 50 day moving average is $38.13 and its 200 day moving average is $33.35.

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

Hedge Funds Weigh In On ON

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its position in shares of ON by 4.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,708,416 shares of the company’s stock valued at $46,076,000 after buying an additional 76,746 shares during the last quarter. Rheos Capital Works Inc. acquired a new stake in shares of ON during the first quarter worth about $10,614,000. Wellington Management Group LLP purchased a new stake in shares of ON in the 4th quarter valued at about $34,420,000. China Universal Asset Management Co. Ltd. boosted its position in shares of ON by 127.9% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 131,585 shares of the company’s stock valued at $3,549,000 after purchasing an additional 73,839 shares during the period. Finally, Stephens Inc. AR grew its stake in ON by 7.3% during the 4th quarter. Stephens Inc. AR now owns 32,150 shares of the company’s stock worth $867,000 after buying an additional 2,200 shares during the last quarter. 33.11% of the stock is currently owned by hedge funds and other institutional investors.

About ON

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.