Federated Hermes Inc. Sells 29,379 Shares of On Holding AG (NYSE:ONON)

Federated Hermes Inc. lowered its stake in shares of On Holding AG (NYSE:ONON) by 2.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,284,236 shares of the company’s stock after selling 29,379 shares during the quarter. Federated Hermes Inc. owned about 0.20% of ON worth $49,828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WD Rutherford LLC acquired a new position in shares of ON during the first quarter worth $52,000. Asset Dedication LLC grew its stake in ON by 25.8% during the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after buying an additional 327 shares during the last quarter. Orion Capital Management LLC increased its position in ON by 106.7% during the 1st quarter. Orion Capital Management LLC now owns 2,480 shares of the company’s stock valued at $88,000 after buying an additional 1,280 shares in the last quarter. National Bank of Canada FI raised its stake in ON by 24.0% in the second quarter. National Bank of Canada FI now owns 2,585 shares of the company’s stock valued at $98,000 after buying an additional 500 shares during the last quarter. Finally, Register Financial Advisors LLC acquired a new stake in ON in the first quarter worth about $100,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

ON Price Performance

ON stock opened at $48.63 on Friday. The stock has a market capitalization of $30.62 billion, a PE ratio of 110.53, a price-to-earnings-growth ratio of 1.29 and a beta of 2.24. The business has a 50 day simple moving average of $41.80 and a 200-day simple moving average of $38.00. On Holding AG has a 12 month low of $23.41 and a 12 month high of $49.35.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). The company had revenue of $627.66 million during the quarter, compared to analysts’ expectations of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. On average, equities research analysts anticipate that On Holding AG will post 0.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Stifel Nicolaus increased their price objective on shares of ON from $41.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Barclays lifted their price objective on shares of ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. TD Cowen upped their target price on ON from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Raymond James assumed coverage on ON in a research report on Wednesday, July 31st. They set an “outperform” rating and a $46.00 price target for the company. Finally, Hsbc Global Res raised ON to a “hold” rating in a report on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.16.

ON Company 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.