Strs Ohio Cuts Position in On Holding AG $ONON

Strs Ohio reduced its holdings in shares of On Holding AG (NYSE:ONON) by 77.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,267 shares of the company’s stock after selling 18,173 shares during the quarter. Strs Ohio’s holdings in ON were worth $223,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Winslow Capital Management LLC purchased a new stake in shares of ON during the 2nd quarter valued at about $248,113,000. Sands Capital Management LLC purchased a new position in shares of ON during the 2nd quarter valued at approximately $240,177,000. Norges Bank bought a new stake in shares of ON in the second quarter worth $138,641,000. Ameriprise Financial Inc. raised its holdings in ON by 4,564.3% in the second quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company’s stock valued at $119,752,000 after acquiring an additional 2,242,480 shares in the last quarter. Finally, State Street Corp boosted its stake in ON by 765.4% during the 2nd quarter. State Street Corp now owns 2,219,015 shares of the company’s stock valued at $115,500,000 after acquiring an additional 1,962,586 shares during the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Stock Performance

Shares of ONON opened at $45.92 on Tuesday. The firm has a market cap of $28.83 billion, a price-to-earnings ratio of 59.63, a price-to-earnings-growth ratio of 1.36 and a beta of 2.15. The company’s fifty day moving average is $46.73 and its 200-day moving average is $44.87. The company has a quick ratio of 2.05, a current ratio of 2.55 and a debt-to-equity ratio of 0.28. On Holding AG has a 12 month low of $34.38 and a 12 month high of $61.29.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Morgan Stanley increased their target price on ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Zacks Research cut ON from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 12th. Evercore ISI reduced their price target on shares of ON from $68.00 to $50.00 and set an “outperform” rating for the company in a research note on Monday, November 10th. Piper Sandler reiterated an “overweight” rating on shares of ON in a research report on Friday, December 5th. Finally, UBS Group reiterated a “buy” rating on shares of ON in a report on Monday, January 5th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.86.

ON Company 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.