Daiwa Securities Group Inc. Cuts Stake in On Holding AG (NYSE:ONON)

Daiwa Securities Group Inc. decreased its position in shares of On Holding AG (NYSE:ONON) by 12.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,210 shares of the company’s stock after selling 1,980 shares during the period. Daiwa Securities Group Inc.’s holdings in ON were worth $551,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new position in shares of ON during the 1st quarter valued at approximately $121,712,000. Norges Bank bought a new stake in shares of ON in the 4th quarter valued at about $57,916,000. Westfield Capital Management Co. LP bought a new position in shares of ON during the first quarter valued at approximately $65,898,000. Acadian Asset Management LLC increased its holdings in shares of ON by 574.3% in the 2nd 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 bought a new position in ON in the fourth quarter worth about $34,420,000. 33.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley boosted their price target on ON from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 14th. Barclays upped their price target on shares of ON from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Hsbc Global Res upgraded shares of ON to a “hold” rating in a research report on Thursday, September 5th. HSBC initiated coverage on ON in a research note on Thursday, September 5th. They issued a “hold” rating and a $52.00 price target on the stock. Finally, Piper Sandler restated an “overweight” rating and set a $52.00 target price on shares of ON in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, ON has an average rating of “Moderate Buy” and a consensus target price of $46.16.

ON Price Performance

Shares of ON stock opened at $49.89 on Tuesday. The company has a market capitalization of $31.41 billion, a P/E ratio of 113.39, a P/E/G ratio of 1.37 and a beta of 2.24. On Holding AG has a 1 year low of $23.41 and a 1 year high of $50.08. The business has a 50 day moving average price of $42.04 and a 200 day moving average price of $38.16.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.04). The business had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. ON had a net margin of 7.42% and a return on equity of 13.02%. As a group, research analysts expect that On Holding AG will post 0.82 EPS for the current fiscal year.

About ON

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.