Select Equity Group L.P. Trims Stock Position in On Holding AG (NYSE:ONON)

Select Equity Group L.P. trimmed its holdings in shares of On Holding AG (NYSE:ONON) by 31.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,417,811 shares of the company’s stock after selling 3,350,460 shares during the period. Select Equity Group L.P. owned about 1.18% of ON worth $287,811,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ONON. William Blair Investment Management LLC purchased a new position in ON during the first quarter worth $121,712,000. 1832 Asset Management L.P. raised 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 valued at $93,500,000 after purchasing an additional 2,406,200 shares during the last quarter. Westfield Capital Management Co. LP purchased a new position in ON in the 1st quarter valued at about $65,898,000. Acadian Asset Management LLC boosted its stake 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 worth $59,878,000 after purchasing an additional 1,315,006 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of ON during the fourth quarter worth about $34,420,000. 33.11% of the stock is owned by hedge funds and other institutional investors.

ON Price Performance

NYSE:ONON opened at $51.55 on Friday. On Holding AG has a 1-year low of $23.41 and a 1-year high of $52.16. The stock has a market cap of $32.46 billion, a P/E ratio of 117.16, a PEG ratio of 1.40 and a beta of 2.24. The firm has a 50-day moving average of $43.98 and a two-hundred day moving average of $39.04.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.04). The business had revenue of $627.66 million for 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%. As a group, equities analysts expect that On Holding AG will post 0.82 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ONON shares. Evercore ISI raised shares of ON to an “overweight” rating and upped their price objective for the company from $43.00 to $47.00 in a research note on Monday, August 12th. Morgan Stanley increased their price target on ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. HSBC began coverage on ON in a research report on Thursday, September 5th. They issued a “hold” rating and a $52.00 price objective for the company. The Goldman Sachs Group raised their price target on ON from $41.00 to $47.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, KeyCorp lifted their price target on ON from $47.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday. Five research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, ON currently has an average rating of “Moderate Buy” and a consensus target price of $47.95.

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.