Bank of New York Mellon Corp Sells 304,975 Shares of On Holding AG $ONON

Bank of New York Mellon Corp trimmed its stake in On Holding AG (NYSE:ONON) by 45.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 370,684 shares of the company’s stock after selling 304,975 shares during the period. Bank of New York Mellon Corp’s holdings in ON were worth $12,611,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of ONON. Bison Wealth LLC increased its position in shares of ON by 35.7% during the fourth quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock valued at $509,000 after buying an additional 2,442 shares during the period. Prudential Financial Inc. purchased a new stake in ON in the second quarter worth about $517,000. Invesco Ltd. lifted its holdings in ON by 305.5% in the second quarter. Invesco Ltd. now owns 157,281 shares of the company’s stock worth $8,186,000 after buying an additional 118,498 shares during the period. Cresset Asset Management LLC boosted its position in ON by 13.5% during the 2nd quarter. Cresset Asset Management LLC now owns 7,232 shares of the company’s stock valued at $376,000 after acquiring an additional 860 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in ON by 91.7% during the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company’s stock valued at $139,000 after acquiring an additional 1,273 shares in the last quarter. Institutional investors own 36.39% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ONON. Truist Financial reduced their target price on ON from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. UBS Group dropped their price target on ON from $85.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday. Barclays reduced their price target on ON from $57.00 to $46.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. JPMorgan Chase & Co. started coverage on ON in a report on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 price objective for the company. Finally, Guggenheim reissued a “buy” rating and set a $51.00 price objective on shares of ON in a research report on Wednesday, May 13th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.63.

Insider Buying and Selling

In other ON news, insider Olivier Bernhard bought 60,000 shares of ON stock in a transaction on Thursday, May 14th. The stock was acquired at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the acquisition, the insider owned 5,163,184 shares in the company, valued at approximately $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Michael Allemann bought 60,000 shares of ON stock in a transaction on Thursday, May 14th. The stock was acquired at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the acquisition, the chief executive officer owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. This represents a 2.16% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 180,000 shares of company stock worth $6,594,000 in the last three months. Insiders own 68.57% of the company’s stock.

ON Stock Down 2.1%

NYSE:ONON opened at $36.34 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98. The firm has a market cap of $23.19 billion, a P/E ratio of 39.07, a P/E/G ratio of 0.69 and a beta of 2.12. On Holding AG has a fifty-two week low of $31.41 and a fifty-two week high of $52.20. The firm has a 50-day simple moving average of $37.56 and a two-hundred day simple moving average of $39.30.

ON (NYSE:ONON) last issued its earnings results 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. ON had a net margin of 7.92% and a return on equity of 15.72%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm posted $0.21 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. Analysts predict that On Holding AG will post 1.5 earnings per share for the current fiscal year.

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.