Jennison Associates LLC Sells 741,470 Shares of On Holding AG $ONON

Jennison Associates LLC lessened its stake in On Holding AG (NYSE:ONON) by 27.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,957,674 shares of the company’s stock after selling 741,470 shares during the quarter. Jennison Associates LLC’s holdings in ON were worth $66,600,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Morgan Stanley raised its holdings in shares of ON by 40.9% during the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after acquiring an additional 6,997,455 shares during the period. Platinum Paramount Investment LTD. acquired a new position in ON in the 4th quarter worth $525,784,000. Sinvest Investments II Ltd. bought a new position in ON during the 4th quarter worth about $390,432,000. Bamco Inc. NY increased its holdings in ON by 13.9% during the 4th quarter. Bamco Inc. NY now owns 5,405,486 shares of the company’s stock worth $251,247,000 after purchasing an additional 658,933 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in ON by 44.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,318,415 shares of the company’s stock worth $138,865,000 after purchasing an additional 1,026,804 shares in the last quarter. Institutional investors own 36.39% of the company’s stock.

Insider Buying and Selling

In other ON news, CEO Martin Hoffmann sold 4,150 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $35.84, for a total value of $148,736.00. Following the completion of the transaction, the chief executive officer directly owned 1,385,099 shares in the company, valued at $49,641,948.16. This trade represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO David Michael Allemann purchased 60,000 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the purchase, the chief executive officer owned 2,841,108 shares of the company’s stock, valued at approximately $104,069,786.04. This represents a 2.16% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 180,000 shares of company stock worth $6,594,000. Insiders own 68.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ONON. Truist Financial cut their price target on ON from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Raymond James Financial upgraded ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price objective for the company in a report on Thursday, April 23rd. JPMorgan Chase & Co. started coverage on ON in a research report on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 target price on the stock. Telsey Advisory Group cut their target price on ON from $60.00 to $51.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Finally, Evercore set a $42.00 price target on ON in a research report on Tuesday, May 12th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $53.79.

ON Stock Up 0.1%

Shares of ONON stock opened at $37.22 on Monday. The firm’s fifty day moving average price is $37.57 and its two-hundred day moving average price is $40.03. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. On Holding AG has a 1 year low of $31.41 and a 1 year high of $54.37. The firm has a market capitalization of $23.75 billion, a P/E ratio of 40.02, a PEG ratio of 0.69 and a beta of 2.12.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 EPS. On average, equities analysts predict that On Holding AG will post 1.51 EPS for the current fiscal year.

ON Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.