Arrowstreet Capital Limited Partnership Purchases New Position in On Holding AG (NYSE:ONON)

Arrowstreet Capital Limited Partnership acquired a new position in shares of On Holding AG (NYSE:ONON) in the 4th quarter, Holdings Channel.com reports. The firm acquired 1,438,726 shares of the company’s stock, valued at approximately $78,799,000.

A number of other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in ON during the 4th quarter worth approximately $164,574,000. Raymond James Financial Inc. bought a new position in ON during the 4th quarter worth $28,575,000. Lord Abbett & CO. LLC boosted its position in shares of ON by 338.3% in the third quarter. Lord Abbett & CO. LLC now owns 594,901 shares of the company’s stock valued at $29,834,000 after acquiring an additional 459,157 shares during the period. Jennison Associates LLC grew its stake in shares of ON by 27.4% in the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock valued at $112,259,000 after acquiring an additional 440,685 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased 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 worth $76,213,000 after acquiring an additional 349,789 shares during the period. Institutional investors own 36.39% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on ONON shares. Hsbc Global Res raised shares of ON from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. KeyCorp reissued an “overweight” rating and set a $68.00 price target on shares of ON in a research report on Wednesday, March 5th. Citigroup started coverage on ON in a report on Wednesday, December 18th. They issued a “neutral” rating and a $65.00 price objective for the company. TD Cowen raised their price target on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, Williams Trading upped their price objective on shares of ON from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, ON currently has a consensus rating of “Buy” and an average target price of $61.90.

ON Stock Performance

Shares of NYSE ONON opened at $43.92 on Tuesday. The firm has a 50 day moving average price of $51.85 and a two-hundred day moving average price of $52.68. The stock has a market cap of $27.66 billion, a P/E ratio of 102.15, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35. On Holding AG has a 52-week low of $29.84 and a 52-week high of $64.05.

ON 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.