Resona Asset Management Co. Ltd. Makes New Investment in On Holding AG $ONON

Resona Asset Management Co. Ltd. acquired a new stake in shares of On Holding AG (NYSE:ONON) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,592 shares of the company’s stock, valued at approximately $83,000.

Several other hedge funds have also recently modified their holdings of ONON. Ramirez Asset Management Inc. grew its stake in ON by 20.0% during the second quarter. Ramirez Asset Management Inc. now owns 1,200 shares of the company’s stock valued at $62,000 after acquiring an additional 200 shares in the last quarter. CWM LLC boosted its holdings in shares of ON by 22.2% during the 1st quarter. CWM LLC now owns 1,259 shares of the company’s stock valued at $55,000 after purchasing an additional 229 shares during the last quarter. Asset Management One Co. Ltd. grew its position in shares of ON by 1.0% during the second quarter. Asset Management One Co. Ltd. now owns 24,939 shares of the company’s stock valued at $1,298,000 after purchasing an additional 243 shares in the last quarter. Sterling Investment Counsel LLC increased its holdings in shares of ON by 5.5% in the second quarter. Sterling Investment Counsel LLC now owns 5,750 shares of the company’s stock worth $299,000 after purchasing an additional 300 shares during the last quarter. Finally, TCTC Holdings LLC lifted its position in shares of ON by 118.4% in the first quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock worth $26,000 after buying an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Stock Up 17.7%

Shares of ONON opened at $41.42 on Thursday. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $41.77 and a 200 day moving average of $48.25. The company has a market cap of $26.08 billion, a PE ratio of 92.05, a P/E/G ratio of 4.37 and a beta of 2.18. On Holding AG has a 52-week low of $34.38 and a 52-week high of $64.05.

ON (NYSE:ONON) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). The firm had revenue of $944.29 million for the quarter, compared to the consensus estimate of $707.74 million. ON had a net margin of 4.45% and a return on equity of 8.75%. The company’s revenue was up 32.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.14 EPS. On average, sell-side analysts expect that On Holding AG will post 0.66 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on ONON. Citigroup cut ON from a “buy” rating to a “mixed” rating in a report on Tuesday, October 28th. Zacks Research downgraded ON from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. The Goldman Sachs Group set a $50.00 target price on shares of ON in a report on Monday, October 27th. Morgan Stanley upped their price target on shares of ON from $62.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Finally, TD Cowen dropped their price objective on shares of ON from $63.00 to $55.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, ON presently has an average rating of “Moderate Buy” and a consensus price target of $60.65.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.