Federated Hermes Inc. Reduces Stock Holdings in On Holding AG $ONON

Federated Hermes Inc. lessened its position in shares of On Holding AG (NYSE:ONON) by 6.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,301,100 shares of the company’s stock after selling 94,063 shares during the quarter. Federated Hermes Inc. owned approximately 0.21% of ON worth $67,722,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Cresset Asset Management LLC increased its stake in shares of ON by 13.5% during the 2nd quarter. Cresset Asset Management LLC now owns 7,232 shares of the company’s stock worth $376,000 after purchasing an additional 860 shares in the last quarter. Baird Financial Group Inc. lifted its stake in ON by 105.5% in the 2nd quarter. Baird Financial Group Inc. now owns 78,370 shares of the company’s stock valued at $4,079,000 after buying an additional 40,239 shares in the last quarter. Invesco Ltd. grew its holdings in ON by 305.5% during the 2nd quarter. Invesco Ltd. now owns 157,281 shares of the company’s stock valued at $8,186,000 after buying an additional 118,498 shares during the last quarter. Sands Capital Management LLC purchased a new position in ON during the second quarter worth $240,177,000. Finally, Groupe la Francaise increased its position in ON by 7.5% during the second quarter. Groupe la Francaise now owns 267,388 shares of the company’s stock worth $13,856,000 after buying an additional 18,551 shares in the last quarter. 36.39% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on ONON shares. Singular Research raised ON to a “strong-buy” rating in a research note on Monday, November 17th. Raymond James Financial decreased their price target on shares of ON from $66.00 to $55.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 21st. Morgan Stanley lifted their price target on shares of ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Weiss Ratings reissued a “sell (d+)” rating on shares of ON in a research note on Wednesday, October 8th. Finally, Needham & Company LLC decreased their target price on shares of ON from $62.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, November 12th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.38.

ON Trading Up 3.5%

Shares of ONON stock opened at $48.14 on Monday. The firm’s 50-day simple moving average is $41.49 and its 200-day simple moving average is $47.12. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.55 and a quick ratio of 2.05. On Holding AG has a 1-year low of $34.38 and a 1-year high of $64.05. The firm has a market cap of $30.23 billion, a P/E ratio of 62.52, a PEG ratio of 2.85 and a beta of 2.16.

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, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.