Truist Financial Corp Buys New Stake in On Holding AG (NYSE:ONON)

Truist Financial Corp acquired a new position in On Holding AG (NYSE:ONON) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,927 shares of the company’s stock, valued at approximately $463,000.

A number of other institutional investors and hedge funds have also made changes to their positions in ONON. Quarry LP bought a new stake in ON during the 2nd quarter valued at about $32,000. WD Rutherford LLC acquired a new stake in shares of ON in the first quarter worth $52,000. Asset Dedication LLC grew its position in ON by 25.8% during the second quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock valued at $62,000 after buying an additional 327 shares during the period. Orion Capital Management LLC grew its position in ON by 106.7% during the first quarter. Orion Capital Management LLC now owns 2,480 shares of the company’s stock valued at $88,000 after buying an additional 1,280 shares during the period. Finally, National Bank of Canada FI grew its position in ON by 24.0% during the second quarter. National Bank of Canada FI now owns 2,585 shares of the company’s stock valued at $98,000 after buying an additional 500 shares during the period. 33.11% of the stock is owned by hedge funds and other institutional investors.

ON Price Performance

ONON stock opened at $49.13 on Thursday. The company has a fifty day moving average price of $46.80 and a 200 day moving average price of $40.60. On Holding AG has a 12 month low of $24.15 and a 12 month high of $52.80. The company has a market cap of $30.93 billion, a price-to-earnings ratio of 111.66 and a beta of 2.24.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.04). The firm 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, analysts anticipate that On Holding AG will post 0.76 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ONON. Hsbc Global Res raised shares of ON to a “hold” rating in a research note on Thursday, September 5th. Telsey Advisory Group reiterated an “outperform” rating and set a $47.00 price target on shares of ON in a research report on Tuesday, August 13th. Evercore ISI upgraded shares of ON to an “overweight” rating and lifted their price target for the company from $43.00 to $47.00 in a research report on Monday, August 12th. Barclays lifted their price objective on shares of ON from $40.00 to $47.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Finally, Stifel Nicolaus lifted their price target on shares of ON from $45.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Four research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, ON currently has a consensus 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.