Pinnacle Associates Ltd. Has $1.31 Million Holdings in On Holding AG (NYSE:ONON)

Pinnacle Associates Ltd. boosted its holdings in On Holding AG (NYSE:ONON) by 165.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,170 shares of the company’s stock after buying an additional 16,300 shares during the quarter. Pinnacle Associates Ltd.’s holdings in ON were worth $1,312,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. William Blair Investment Management LLC acquired a new stake in ON in the first quarter valued at about $121,712,000. Price T Rowe Associates Inc. MD boosted its stake in ON by 0.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,787,871 shares of the company’s stock valued at $98,636,000 after buying an additional 14,674 shares in the last quarter. 1832 Asset Management L.P. boosted 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 buying an additional 2,406,200 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in ON in the first quarter valued at about $65,898,000. Finally, Acadian Asset Management LLC raised its position 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 purchasing an additional 1,315,006 shares during the last quarter. 33.11% of the stock is owned by institutional investors and hedge funds.

ON Stock Performance

Shares of ONON stock opened at $46.49 on Friday. The company has a market cap of $29.27 billion, a P/E ratio of 87.72 and a beta of 2.24. The stock has a 50 day simple moving average of $48.62 and a two-hundred day simple moving average of $41.81. On Holding AG has a fifty-two week low of $24.15 and a fifty-two week high of $52.80.

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

Analyst Ratings Changes

Several equities analysts have commented on ONON shares. Stifel Nicolaus increased their target price on ON from $45.00 to $59.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Morgan Stanley increased their target price on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Evercore ISI upgraded ON to an “overweight” rating and increased their target price for the company from $43.00 to $47.00 in a research report on Monday, August 12th. Bank of America upgraded ON from an “underperform” rating to a “neutral” rating and increased their target price for the company from $21.00 to $55.00 in a research report on Monday, September 23rd. Finally, Hsbc Global Res upgraded ON to a “hold” rating in a research report on Thursday, September 5th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.74.

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.