Envestnet Asset Management Inc. Acquires 88,656 Shares of On Holding AG (NYSE:ONON)

Envestnet Asset Management Inc. raised its holdings in On Holding AG (NYSE:ONON) by 66.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 222,955 shares of the company’s stock after buying an additional 88,656 shares during the period. Envestnet Asset Management Inc.’s holdings in ON were worth $8,651,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ONON. William Blair Investment Management LLC bought a new position in shares of ON during the first quarter worth approximately $121,712,000. Westfield Capital Management Co. LP acquired a new stake in shares of ON in the first quarter valued at about $65,898,000. Acadian Asset Management LLC lifted its stake in shares of ON by 574.3% in the 2nd quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after purchasing an additional 1,315,006 shares during the period. Wellington Management Group LLP acquired a new stake in ON in the fourth quarter worth $34,420,000. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in ON in the second quarter valued at approximately $43,456,000. 33.11% of the stock is owned by institutional investors.

Analyst Ratings Changes

ONON has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on ON from $41.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. TD Cowen boosted their price target on shares of ON from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Sanford C. Bernstein began coverage on ON in a research note on Tuesday, June 11th. They issued an “outperform” rating and a $50.00 target price for the company. Hsbc Global Res upgraded shares of ON to a “hold” rating in a report on Thursday, September 5th. Finally, Stifel Nicolaus upped their target price on shares of ON from $45.00 to $59.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Five research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $47.95.

ON Price Performance

Shares of NYSE:ONON opened at $51.13 on Friday. On Holding AG has a 1 year low of $23.41 and a 1 year high of $52.16. The business’s 50-day moving average is $44.20 and its 200 day moving average is $39.16. The firm has a market capitalization of $32.19 billion, a P/E ratio of 116.21, a P/E/G ratio of 1.40 and a beta of 2.24.

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