Federated Hermes Inc. Cuts Position in On Holding AG (NYSE:ONON)

Federated Hermes Inc. cut its holdings in On Holding AG (NYSE:ONON) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,278,404 shares of the company’s stock after selling 28,710 shares during the quarter. Federated Hermes Inc. owned 0.20% of ON worth $70,018,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Alliancebernstein L.P. increased its holdings in shares of ON by 2.8% in the 4th quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock worth $951,808,000 after buying an additional 471,805 shares during the last quarter. Norges Bank purchased a new position in ON in the fourth quarter worth about $164,574,000. Jennison Associates LLC increased its stake in ON by 27.4% during the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock worth $112,259,000 after acquiring an additional 440,685 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in ON during the fourth quarter valued at approximately $78,799,000. Finally, Allspring Global Investments Holdings LLC raised its position in ON by 34.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock valued at $76,213,000 after purchasing an additional 349,789 shares during the period. Institutional investors own 36.39% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ONON shares. The Goldman Sachs Group lowered ON from a “buy” rating to a “neutral” rating and set a $57.00 price target on the stock. in a report on Wednesday, February 12th. Bank of America started coverage on shares of ON in a report on Tuesday, January 7th. They issued a “buy” rating and a $73.00 target price for the company. Barclays upped their price target on shares of ON from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Wednesday, March 5th. TD Cowen increased their target price on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Morgan Stanley lifted their price target on shares of ON from $62.00 to $66.00 and gave the company an “overweight” rating in a research note on Wednesday, March 5th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, ON currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.45.

ON Stock Up 5.1 %

ONON stock opened at $39.56 on Monday. On Holding AG has a 52 week low of $29.84 and a 52 week high of $64.05. The stock has a market capitalization of $24.91 billion, a PE ratio of 92.00, a price-to-earnings-growth ratio of 1.02 and a beta of 2.32. The firm has a 50 day moving average of $50.36 and a 200 day moving average of $52.44.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.