On Holding AG (NYSE:ONON) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its position in On Holding AG (NYSE:ONON) by 49.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,027,061 shares of the company’s stock after selling 1,014,501 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ON were worth $51,507,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of ONON. Blue Trust Inc. lifted its stake in shares of ON by 319.8% in the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after purchasing an additional 403 shares in the last quarter. Quarry LP acquired a new position in ON during the 2nd quarter worth approximately $32,000. WD Rutherford LLC acquired a new position in ON during the 1st quarter worth approximately $52,000. Asset Dedication LLC lifted its position 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 acquiring an additional 327 shares in the last quarter. Finally, nVerses Capital LLC acquired a new position in ON during the 3rd quarter worth approximately $65,000. 33.11% of the stock is owned by institutional investors and hedge funds.

ON Stock Performance

Shares of ONON stock opened at $48.31 on Tuesday. On Holding AG has a 1 year low of $24.15 and a 1 year high of $52.80. The stock has a fifty day moving average of $47.56 and a two-hundred day moving average of $41.02. The firm has a market capitalization of $30.42 billion, a PE ratio of 91.15 and a beta of 2.24.

ON (NYSE:ONON) last announced its quarterly earnings results 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 analyst estimates of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. Equities research analysts predict that On Holding AG will post 0.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Telsey Advisory Group reissued an “outperform” rating and set a $47.00 price target on shares of ON in a research report on Tuesday, August 13th. Piper Sandler boosted their price target on ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. The Goldman Sachs Group lifted their price objective on ON from $41.00 to $47.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Morgan Stanley lifted their price objective on ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Wednesday, August 14th. Finally, Evercore ISI upgraded ON to an “overweight” rating and lifted their price objective for the stock from $43.00 to $47.00 in a report on Monday, August 12th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.74.

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.