Norges Bank Invests $164.57 Million in On Holding AG (NYSE:ONON)

Norges Bank bought a new stake in shares of On Holding AG (NYSE:ONON) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,004,817 shares of the company’s stock, valued at approximately $164,574,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Legacy Bridge LLC purchased a new stake in shares of ON during the fourth quarter valued at $43,000. Arcadia Investment Management Corp MI purchased a new stake in ON during the 4th quarter valued at about $53,000. VisionPoint Advisory Group LLC purchased a new position in shares of ON in the fourth quarter worth about $65,000. Blue Trust Inc. lifted its holdings in shares of ON by 148.8% during the fourth quarter. Blue Trust Inc. now owns 1,316 shares of the company’s stock worth $66,000 after purchasing an additional 787 shares during the period. Finally, Allworth Financial LP boosted its position in ON by 1,446.0% in the fourth quarter. Allworth Financial LP now owns 1,546 shares of the company’s stock valued at $91,000 after buying an additional 1,446 shares during the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

ON Trading Down 0.5 %

NYSE:ONON opened at $43.92 on Tuesday. The stock has a 50 day moving average of $51.85 and a two-hundred day moving average of $52.68. On Holding AG has a 12 month low of $29.84 and a 12 month high of $64.05. The firm 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. KeyCorp reissued an “overweight” rating and set a $68.00 price target on shares of ON in a research report on Wednesday, March 5th. Bank of America began coverage on shares of ON in a research report on Tuesday, January 7th. They set a “buy” rating and a $73.00 target price for the company. Citigroup started coverage on ON in a research report on Wednesday, December 18th. They set a “neutral” rating and a $65.00 price target on the stock. Hsbc Global Res raised ON from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 11th. Finally, Stifel Nicolaus upped their target price on ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $61.90.

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.