On Holding AG $ONON Position Reduced by California Public Employees Retirement System

California Public Employees Retirement System trimmed its position in On Holding AG (NYSE:ONON) by 5.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 282,356 shares of the company’s stock after selling 15,795 shares during the quarter. California Public Employees Retirement System’s holdings in ON were worth $9,606,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Platinum Paramount Investment LTD. acquired a new stake in shares of ON during the fourth quarter valued at approximately $525,784,000. Sinvest Investments II Ltd. acquired a new position in ON in the 4th quarter worth approximately $390,432,000. Morgan Stanley grew its position in ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after purchasing an additional 6,997,455 shares in the last quarter. FengHe Fund Management Pte. Ltd. acquired a new stake in ON during the 4th quarter valued at $142,425,000. Finally, Norges Bank acquired a new stake in ON during the 4th quarter valued at $128,826,000. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Trading Up 3.0%

ON stock opened at $35.89 on Friday. On Holding AG has a 12 month low of $31.41 and a 12 month high of $52.41. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. The stock has a market cap of $22.90 billion, a P/E ratio of 38.60, a P/E/G ratio of 0.67 and a beta of 2.12. The company’s fifty day simple moving average is $37.67 and its 200-day simple moving average is $39.72.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.11. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. ON had a return on equity of 15.72% and a net margin of 7.92%.ON’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the company earned $0.21 earnings per share. As a group, sell-side analysts forecast that On Holding AG will post 1.5 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on ONON shares. Guggenheim reaffirmed a “buy” rating and issued a $51.00 target price on shares of ON in a research report on Wednesday, May 13th. JPMorgan Chase & Co. initiated coverage on ON in a research report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 price target on the stock. KeyCorp reduced their price objective on ON from $58.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Raymond James Financial upgraded ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price objective for the company in a research report on Thursday, April 23rd. Finally, Truist Financial lowered their target price on ON from $55.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.79.

Insider Transactions at ON

In other news, CEO David Michael Allemann purchased 60,000 shares of ON stock in a transaction dated Thursday, May 14th. The stock was acquired at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the acquisition, the chief executive officer directly owned 2,841,108 shares in the company, valued at $104,069,786.04. This represents a 2.16% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Caspar Felix Coppetti purchased 60,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average cost of $36.64 per share, with a total value of $2,198,400.00. Following the purchase, the chief executive officer owned 2,375,855 shares in the company, valued at $87,051,327.20. This represents a 2.59% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 180,000 shares of company stock valued at $6,594,000. 68.57% of the stock is currently owned by company insiders.

ON Profile

On Holding AG, commonly known as On, is a Swiss performance footwear and apparel company headquartered in Zurich. Founded in 2010, the company designs, develops and sells running shoes, performance apparel and accessories for road, trail and everyday use. On’s product philosophy centers on engineered cushioning and responsiveness intended to serve both serious athletes and lifestyle consumers.

On is best known for its proprietary midsole technology and distinctive sole architecture, marketed under names such as the Cloud family of shoes and related performance lines.