1832 Asset Management L.P. Purchases 2,406,200 Shares of On Holding AG (NYSE:ONON)

1832 Asset Management L.P. grew its position in On Holding AG (NYSE:ONON) by 66,838.9% in the second quarter, Holdings Channel.com reports. The fund owned 2,409,800 shares of the company’s stock after buying an additional 2,406,200 shares during the period. 1832 Asset Management L.P.’s holdings in ON were worth $93,500,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the company. WD Rutherford LLC bought a new position in ON in the 1st quarter valued at $52,000. Asset Dedication LLC grew its stake in ON by 25.8% in the second quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after acquiring an additional 327 shares during the period. Orion Capital Management LLC grew its stake in ON by 106.7% in the first quarter. Orion Capital Management LLC now owns 2,480 shares of the company’s stock valued at $88,000 after acquiring an additional 1,280 shares during the period. National Bank of Canada FI grew 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 acquiring an additional 500 shares during the period. Finally, Register Financial Advisors LLC acquired a new position in ON in the first quarter valued at about $100,000. Institutional investors own 33.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. The Goldman Sachs Group boosted their target price 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 target price on ON from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Stifel Nicolaus boosted their target price on ON from $45.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. HSBC started coverage on ON in a report on Thursday, September 5th. They issued a “hold” rating and a $52.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Monday, June 17th. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $46.89.

ON Trading Up 0.4 %

ON stock opened at $49.95 on Monday. On Holding AG has a 12 month low of $23.41 and a 12 month high of $52.16. The stock’s 50 day moving average is $43.07 and its 200-day moving average is $38.62. The company has a market capitalization of $31.45 billion, a price-to-earnings ratio of 113.53, a PEG ratio of 1.39 and a beta of 2.24.

ON (NYSE:ONON) last posted its 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 firm had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. As a group, equities research analysts predict that On Holding AG will post 0.82 earnings per share 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.