Clearbridge Investments LLC Purchases 1,143,414 Shares of On Holding AG $ONON

Clearbridge Investments LLC increased its position in On Holding AG (NYSE:ONON) by 110.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,179,978 shares of the company’s stock after purchasing an additional 1,143,414 shares during the period. Clearbridge Investments LLC’s holdings in ON were worth $101,325,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ONON. Bison Wealth LLC boosted its stake in ON by 35.7% in the 4th quarter. Bison Wealth LLC now owns 9,291 shares of the company’s stock worth $509,000 after purchasing an additional 2,442 shares in the last quarter. Prudential Financial Inc. bought a new position in ON in the 2nd quarter worth about $517,000. Invesco Ltd. boosted its stake in ON by 305.5% in the 2nd quarter. Invesco Ltd. now owns 157,281 shares of the company’s stock worth $8,186,000 after purchasing an additional 118,498 shares in the last quarter. Cresset Asset Management LLC boosted its stake in ON by 13.5% in the 2nd quarter. Cresset Asset Management LLC now owns 7,232 shares of the company’s stock worth $376,000 after purchasing an additional 860 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in ON by 91.7% in the 2nd quarter. Daiwa Securities Group Inc. now owns 2,661 shares of the company’s stock worth $139,000 after purchasing an additional 1,273 shares in the last quarter. Institutional investors own 36.39% of the company’s stock.

Insider Activity

In related news, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $35.84, for a total value of $148,736.00. Following the completion of the sale, the chief executive officer directly owned 1,385,099 shares of the company’s stock, valued at approximately $49,641,948.16. This represents a 0.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Olivier Bernhard bought 60,000 shares of ON stock in a transaction that occurred on Thursday, May 14th. The stock was 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 insider directly owned 5,163,184 shares in the company, valued at $189,127,429.92. This represents a 1.18% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 180,000 shares of company stock valued at $6,594,000 and sold 20,750 shares valued at $745,838.

ON Trading Up 0.1%

ON stock opened at $37.11 on Tuesday. The firm has a 50 day moving average of $36.16 and a 200 day moving average of $41.82. The firm has a market capitalization of $23.68 billion, a price-to-earnings ratio of 39.90, a P/E/G ratio of 0.72 and a beta of 2.10. On Holding AG has a 12-month low of $31.41 and a 12-month high of $58.08. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26.

ON (NYSE:ONON) last released 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. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. ON had a net margin of 7.92% and a return on equity of 15.72%. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.21 EPS. As a group, research analysts predict that On Holding AG will post 1.47 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ONON shares. Zacks Research cut shares of ON from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 11th. Telsey Advisory Group decreased their target price on ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Evercore set a $42.00 target price on shares of ON in a research note on Tuesday, May 12th. BTIG Research restated a “buy” rating and set a $70.00 target price on shares of ON in a research note on Tuesday, March 3rd. Finally, Guggenheim restated a “buy” rating and set a $51.00 target price on shares of ON in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $55.05.

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.