Coronation Fund Managers Ltd. Grows Holdings in On Holding AG (NYSE:ONON)

Coronation Fund Managers Ltd. increased its position in On Holding AG (NYSE:ONON) by 248.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 154,903 shares of the company’s stock after purchasing an additional 110,467 shares during the period. Coronation Fund Managers Ltd.’s holdings in ON were worth $6,010,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new position in shares of ON during the 2nd quarter valued at about $32,000. WD Rutherford LLC bought a new position in shares of ON in the first quarter valued at approximately $52,000. Asset Dedication LLC increased its stake in shares of ON by 25.8% in the second quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after purchasing an additional 327 shares during the period. Orion Capital Management LLC raised its position in shares of ON by 106.7% during the first quarter. Orion Capital Management LLC now owns 2,480 shares of the company’s stock valued at $88,000 after buying an additional 1,280 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in ON by 24.0% during the second quarter. National Bank of Canada FI now owns 2,585 shares of the company’s stock worth $98,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 33.11% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ONON shares. Evercore ISI raised shares of ON to an “overweight” rating and upped their target price for the stock from $43.00 to $47.00 in a report on Monday, August 12th. JPMorgan Chase & Co. boosted their target price on ON from $40.00 to $47.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. KeyCorp upped their price objective on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Piper Sandler reissued an “overweight” rating and set a $52.00 price objective on shares of ON in a research report on Friday, August 23rd. Finally, HSBC assumed coverage on shares of ON in a report on Thursday, September 5th. They set a “hold” rating and a $52.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, ON has an average rating of “Moderate Buy” and an average target price of $48.35.

ON Price Performance

Shares of ONON stock opened at $49.38 on Wednesday. The stock’s 50-day moving average is $44.39 and its 200 day moving average is $39.39. On Holding AG has a 1-year low of $23.41 and a 1-year high of $52.16. The company has a market cap of $31.09 billion, a P/E ratio of 112.23, a PEG ratio of 1.25 and a beta of 2.24.

ON (NYSE:ONON) last issued its earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The firm had revenue of $627.66 million during 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 anticipate 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.