Maverick Capital Ltd. Buys New Stake in On Holding AG (NYSE:ONON)

Maverick Capital Ltd. bought a new position in shares of On Holding AG (NYSE:ONON) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 50,257 shares of the company’s stock, valued at approximately $1,950,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DE Burlo Group Inc. raised its position in shares of ON by 49.8% in the second quarter. DE Burlo Group Inc. now owns 282,800 shares of the company’s stock valued at $10,973,000 after buying an additional 94,000 shares during the last quarter. AXA S.A. raised its position in shares of ON by 0.4% during the 2nd quarter. AXA S.A. now owns 605,081 shares of the company’s stock valued at $23,477,000 after buying an additional 2,259 shares during the period. Fred Alger Management LLC raised its position in ON by 22.8% in the second quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock valued at $44,734,000 after purchasing an additional 213,815 shares during the period. Manchester Global Management UK Ltd lifted its stake in shares of ON by 1.2% in the 2nd quarter. Manchester Global Management UK Ltd now owns 580,605 shares of the company’s stock valued at $22,527,000 after purchasing an additional 6,855 shares during the last quarter. Finally, Bank of Montreal Can raised its holdings in ON by 21.9% in the 2nd quarter. Bank of Montreal Can now owns 36,425 shares of the company’s stock valued at $1,419,000 after buying an additional 6,551 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 $51.55 on Friday. On Holding AG has a 12 month low of $23.41 and a 12 month high of $52.16. The company has a market cap of $32.46 billion, a price-to-earnings ratio of 117.16, a price-to-earnings-growth ratio of 1.40 and a beta of 2.24. The company has a fifty day moving average price of $43.98 and a 200 day moving average price of $39.04.

ON (NYSE:ONON) last posted its quarterly earnings data 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 company had revenue of $627.66 million for the quarter, compared to analyst estimates of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. As a group, analysts anticipate that On Holding AG will post 0.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $47.00 price objective on shares of ON in a research note on Tuesday, August 13th. TD Cowen lifted their target price on ON from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Sanford C. Bernstein started coverage on shares of ON in a research report on Tuesday, June 11th. They set an “outperform” rating and a $50.00 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $52.00 price objective on shares of ON in a research note on Friday, August 23rd. Finally, KeyCorp upped their target price on shares of ON from $47.00 to $60.00 and gave the stock an “overweight” rating in a research note on Thursday. Five research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $47.95.

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.