Varma Mutual Pension Insurance Co Buys New Position in On Holding AG $ONON

Varma Mutual Pension Insurance Co bought a new stake in On Holding AG (NYSE:ONON) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 65,000 shares of the company’s stock, valued at approximately $2,753,000.

Several other hedge funds also recently made changes to their positions in the business. Washington Trust Advisors Inc. bought a new stake in shares of ON in the second quarter worth $29,000. GAMMA Investing LLC grew its position in ON by 5,888.9% in the third quarter. GAMMA Investing LLC now owns 1,078 shares of the company’s stock valued at $46,000 after purchasing an additional 1,060 shares in the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in ON in the 2nd quarter valued at $83,000. CWM LLC lifted its position in ON by 119.8% during the 3rd quarter. CWM LLC now owns 2,789 shares of the company’s stock worth $118,000 after buying an additional 1,520 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC lifted its position in ON by 660.0% during the 3rd quarter. MeadowBrook Investment Advisors LLC now owns 3,040 shares of the company’s stock worth $129,000 after buying an additional 2,640 shares in the last quarter. 36.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ONON shares. UBS Group restated a “buy” rating on shares of ON in a report on Monday, January 5th. KeyCorp reduced their price target on ON from $68.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, January 22nd. Bank of America boosted their price target on ON from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Piper Sandler reiterated an “overweight” rating on shares of ON in a research note on Friday, December 5th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $65.00 target price on shares of ON in a research note on Wednesday, January 28th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.86.

ON Stock Up 2.3%

ONON stock opened at $45.27 on Friday. On Holding AG has a 1-year low of $34.38 and a 1-year high of $61.29. The business’s 50 day simple moving average is $46.63 and its 200 day simple moving average is $44.51. The company has a current ratio of 2.55, a quick ratio of 2.05 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $28.43 billion, a PE ratio of 58.79, a PEG ratio of 1.33 and a beta of 2.15.

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.