On Holding AG $ONON Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of On Holding AG (NYSE:ONON) by 96.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,548 shares of the company’s stock after selling 176,548 shares during the period. Principal Financial Group Inc.’s holdings in ON were worth $277,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in ON during the 2nd quarter worth approximately $138,641,000. Bessemer Group Inc. purchased a new stake in shares of ON during the second quarter valued at approximately $43,344,000. Great Point Wealth Advisors LLC acquired a new position in shares of ON during the third quarter worth $1,607,000. Allianz Asset Management GmbH purchased a new position in shares of ON in the second quarter valued at $3,321,000. Finally, Hantz Financial Services Inc. grew its holdings in ON by 102.5% during the 2nd quarter. Hantz Financial Services Inc. now owns 38,978 shares of the company’s stock valued at $2,029,000 after purchasing an additional 19,730 shares in the last quarter. 36.39% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ONON has been the topic of a number of recent analyst reports. KeyCorp cut their price objective on shares of ON from $68.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, January 22nd. Piper Sandler reiterated an “overweight” rating on shares of ON in a research note on Friday, December 5th. The Goldman Sachs Group increased their price target on ON from $50.00 to $52.00 and gave the company a “neutral” rating in a report on Thursday, November 13th. BTIG Research restated a “buy” rating and set a $70.00 price objective on shares of ON in a report on Thursday, January 29th. Finally, TD Cowen increased their target price on ON from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.86.

ON Price Performance

Shares of ONON opened at $49.38 on Friday. On Holding AG has a 52 week low of $34.38 and a 52 week high of $61.29. The company has a current ratio of 2.55, a quick ratio of 2.05 and a debt-to-equity ratio of 0.28. The firm has a market cap of $31.01 billion, a price-to-earnings ratio of 64.13, a PEG ratio of 1.44 and a beta of 2.15. The stock has a 50 day moving average of $46.53 and a 200-day moving average of $44.45.

About ON

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.