Moran Wealth Management LLC Acquires Shares of 10,649 On Holding AG $ONON

Moran Wealth Management LLC acquired a new stake in On Holding AG (NYSE:ONON) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,649 shares of the company’s stock, valued at approximately $451,000.

Other institutional investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its holdings in shares of ON by 106.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 68,583 shares of the company’s stock valued at $3,570,000 after buying an additional 35,391 shares during the period. Red Spruce Capital LLC raised its position in ON by 64.8% during the second quarter. Red Spruce Capital LLC now owns 35,566 shares of the company’s stock valued at $1,851,000 after acquiring an additional 13,980 shares in the last quarter. Norges Bank acquired a new position in ON in the second quarter valued at approximately $138,641,000. Bessemer Group Inc. purchased a new stake in ON in the 2nd quarter worth approximately $43,344,000. Finally, Allianz Asset Management GmbH acquired a new stake in shares of ON during the 2nd quarter worth approximately $3,321,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Stock Down 3.0%

ONON stock opened at $49.10 on Friday. On Holding AG has a 52 week low of $34.38 and a 52 week high of $64.05. The company has a quick ratio of 2.05, a current ratio of 2.55 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $44.59 and a 200-day simple moving average of $45.74. The stock has a market capitalization of $30.83 billion, a P/E ratio of 63.77, a P/E/G ratio of 1.47 and a beta of 2.15.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ONON shares. Singular Research upgraded shares of ON to a “strong-buy” rating in a research note on Monday, November 17th. Jefferies Financial Group reaffirmed an “underperform” rating and issued a $31.00 price objective on shares of ON in a report on Wednesday, November 12th. Bank of America increased their target price on shares of ON from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Piper Sandler restated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Finally, Raymond James Financial reduced their price target on ON from $66.00 to $55.00 and set an “outperform” rating for the company in a report on Tuesday, October 21st. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.59.

About ON

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.