Rheos Capital Works Inc. Has $10.63 Million Stock Position in On Holding AG (NYSE:ONON)

Rheos Capital Works Inc. lowered its holdings in shares of On Holding AG (NYSE:ONON) by 55.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 212,000 shares of the company’s stock after selling 264,000 shares during the period. Rheos Capital Works Inc.’s holdings in ON were worth $10,632,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in ONON. William Blair Investment Management LLC acquired a new stake in ON in the first quarter valued at approximately $121,712,000. 1832 Asset Management L.P. grew its stake in ON by 66,838.9% in the second quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after acquiring an additional 2,406,200 shares during the period. Westfield Capital Management Co. LP acquired a new stake in ON in the first quarter valued at approximately $65,898,000. Acadian Asset Management LLC grew its stake in ON by 574.3% in the second quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after acquiring an additional 1,315,006 shares during the period. Finally, Wellington Management Group LLP acquired a new stake in ON in the fourth quarter valued at approximately $34,420,000. Institutional investors and hedge funds own 33.11% of the company’s stock.

ON Price Performance

NYSE:ONON opened at $49.13 on Thursday. The business has a fifty day simple moving average of $47.04 and a two-hundred day simple moving average of $40.66. On Holding AG has a 1 year low of $24.15 and a 1 year high of $52.80. The company has a market capitalization of $30.93 billion, a P/E ratio of 111.66 and a beta of 2.24.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). ON had a return on equity of 13.02% and a net margin of 7.42%. The firm had revenue of $627.66 million during the quarter, compared to analysts’ expectations of $634.43 million. As a group, analysts anticipate that On Holding AG will post 0.76 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ONON shares. Morgan Stanley raised their price objective on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Wednesday, August 14th. Bank of America upgraded ON from an “underperform” rating to a “neutral” rating and raised their target price for the company from $21.00 to $55.00 in a report on Monday, September 23rd. Stifel Nicolaus raised their target price on ON from $45.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Evercore ISI upgraded ON to an “overweight” rating and raised their target price for the company from $43.00 to $47.00 in a report on Monday, August 12th. Finally, HSBC began coverage on ON in a report on Thursday, September 5th. They issued a “hold” rating and a $52.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $49.74.

ON Company 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.