Raymond James & Associates Boosts Stake in On Holding AG (NYSE:ONON)

Raymond James & Associates increased its position in On Holding AG (NYSE:ONON) by 23.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 256,725 shares of the company’s stock after buying an additional 48,600 shares during the quarter. Raymond James & Associates’ holdings in ON were worth $12,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in ON by 319.8% during the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock valued at $27,000 after acquiring an additional 403 shares during the period. Quarry LP bought a new stake in ON in the second quarter valued at $32,000. Asset Dedication LLC increased its position in shares of ON by 25.8% during the second quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after buying an additional 327 shares during the period. nVerses Capital LLC bought a new position in shares of ON in the 3rd quarter worth approximately $65,000. Finally, Tsfg LLC bought a new stake in shares of ON during the 3rd quarter valued at $69,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ONON. HSBC began coverage on ON in a research note on Thursday, September 5th. They issued a “hold” rating and a $52.00 price target on the stock. Barclays increased their target price on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Raymond James assumed coverage on shares of ON in a research note on Wednesday, July 31st. They set an “outperform” rating and a $46.00 price target on the stock. Morgan Stanley upped their price objective on ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Finally, Piper Sandler lifted their target price on ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, October 3rd. Four research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.74.

ON Stock Performance

ONON stock opened at $50.65 on Monday. The company has a market capitalization of $31.89 billion, a PE ratio of 115.11 and a beta of 2.24. The company’s fifty day moving average price is $48.10 and its 200-day moving average price is $41.47. On Holding AG has a one year low of $24.15 and a one year high of $52.80.

ON (NYSE:ONON) last posted 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). ON had a net margin of 7.42% and a return on equity of 13.02%. The firm had revenue of $627.66 million for the quarter, compared to the consensus estimate of $634.43 million. On average, research analysts predict that On Holding AG will post 0.76 EPS for the current fiscal year.

ON 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.