Red Spruce Capital LLC Has $2.13 Million Holdings in On Holding AG $ONON

Red Spruce Capital LLC grew its position in shares of On Holding AG (NYSE:ONON) by 40.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,114 shares of the company’s stock after buying an additional 17,445 shares during the quarter. Red Spruce Capital LLC’s holdings in ON were worth $2,129,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. City Center Advisors LLC raised its stake in shares of ON by 8.1% in the second quarter. City Center Advisors LLC now owns 8,246 shares of the company’s stock valued at $292,000 after acquiring an additional 619 shares during the last quarter. PVG Asset Management Corp grew its position in ON by 5.4% during the 2nd quarter. PVG Asset Management Corp now owns 9,341 shares of the company’s stock worth $331,000 after acquiring an additional 480 shares during the last quarter. Lombard Odier Asset Management Europe Ltd bought a new stake in ON during the 1st quarter worth approximately $1,998,000. Militia Capital Management LLC acquired a new stake in ON during the 1st quarter valued at $1,388,000. Finally, Parallel Advisors LLC increased its holdings in ON by 23.3% during the 1st quarter. Parallel Advisors LLC now owns 12,887 shares of the company’s stock valued at $438,000 after purchasing an additional 2,432 shares in the last quarter. Institutional investors and hedge funds own 36.39% of the company’s stock.

ON Stock Down 2.3%

NYSE:ONON opened at $37.31 on Friday. The stock’s fifty day moving average price is $37.40 and its two-hundred day moving average price is $39.01. On Holding AG has a 52-week low of $31.41 and a 52-week high of $52.20. 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 company has a market cap of $23.81 billion, a price-to-earnings ratio of 40.12, a P/E/G ratio of 0.71 and a beta of 2.12.

ON (NYSE:ONON) last released its earnings results on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.35 by $0.11. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. ON had a return on equity of 15.72% and a net margin of 7.92%.The business’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the firm earned $0.21 EPS. On average, analysts anticipate that On Holding AG will post 1.5 EPS for the current year.

Insider Activity at ON

In other news, insider Olivier Bernhard acquired 60,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the transaction, the insider directly owned 5,163,184 shares in the company, valued at $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Michael Allemann acquired 60,000 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the acquisition, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. The trade was a 2.16% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought a total of 180,000 shares of company stock worth $6,594,000 over the last 90 days. Insiders own 68.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ONON shares. Zacks Research upgraded ON from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. KeyCorp lowered their target price on ON from $58.00 to $43.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. JPMorgan Chase & Co. began coverage on ON in a research note on Thursday, July 2nd. They issued an “overweight” rating and a $51.00 target price for the company. Barclays cut their price target on ON from $57.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Finally, UBS Group reduced their price target on shares of ON from $85.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.63.

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.