Gabelli Funds LLC Buys 15,608 Shares of On Holding AG (NYSE:ONON)

Gabelli Funds LLC raised its stake in On Holding AG (NYSE:ONON) by 70.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,721 shares of the company’s stock after acquiring an additional 15,608 shares during the period. Gabelli Funds LLC’s holdings in ON were worth $1,464,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. William Blair Investment Management LLC bought a new stake in shares of ON in the first quarter worth about $121,712,000. 1832 Asset Management L.P. increased its stake in ON by 66,838.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock worth $93,500,000 after acquiring an additional 2,406,200 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of ON during the 1st quarter worth approximately $65,898,000. Acadian Asset Management LLC boosted its position in shares of ON by 574.3% during the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after acquiring an additional 1,315,006 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of ON in the fourth quarter valued at $34,420,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ONON shares. Morgan Stanley upped their price target on shares of ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $47.00 price target on shares of ON in a report on Tuesday, August 13th. TD Cowen boosted their price objective on ON from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Barclays raised their price objective on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Finally, Stifel Nicolaus boosted their target price on ON from $45.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Five investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.30.

ON Price Performance

NYSE:ONON opened at $50.21 on Thursday. On Holding AG has a 1-year low of $23.41 and a 1-year high of $52.16. The company has a 50-day moving average of $43.75 and a 200 day moving average of $38.96. The firm has a market cap of $31.61 billion, a PE ratio of 114.12, a price-to-earnings-growth ratio of 1.40 and a beta of 2.24.

ON (NYSE:ONON) last released its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The business had revenue of $627.66 million for the quarter, compared to the consensus estimate of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. Sell-side analysts anticipate that On Holding AG will post 0.82 EPS for the current fiscal year.

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.