Platinum Paramount Investment LTD. Purchases New Position in On Holding AG $ONON

Platinum Paramount Investment LTD. purchased a new stake in On Holding AG (NYSE:ONON) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 11,312,048 shares of the company’s stock, valued at approximately $525,784,000. ON comprises 65.2% of Platinum Paramount Investment LTD.’s investment portfolio, making the stock its largest holding.

Several other hedge funds have also bought and sold shares of the stock. Sinvest Investments II Ltd. acquired a new stake in shares of ON during the 4th quarter worth approximately $390,432,000. Morgan Stanley increased its holdings in shares of ON by 40.9% during the 4th quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after purchasing an additional 6,997,455 shares in the last quarter. FengHe Fund Management Pte. Ltd. acquired a new position in shares of ON in the 4th quarter valued at $142,425,000. Norges Bank acquired a new position in shares of ON in the 4th quarter valued at $128,826,000. Finally, Ameriprise Financial Inc. boosted its holdings in ON by 4,564.3% during the second quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company’s stock worth $119,752,000 after buying an additional 2,242,480 shares in the last quarter. Hedge funds and other institutional investors own 36.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on ONON shares. Sanford C. Bernstein restated an “outperform” rating on shares of ON in a research report on Wednesday, March 4th. KeyCorp dropped their target price on ON from $58.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Weiss Ratings upgraded ON from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 12th. Evercore set a $42.00 price target on ON in a research report on Tuesday, May 12th. Finally, Zacks Research cut ON from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 11th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, ON currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.05.

Insider Transactions at ON

In other news, CEO Martin Hoffmann sold 4,150 shares of ON stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $35.84, for a total value of $148,736.00. Following the sale, the chief executive officer directly owned 1,385,099 shares of the company’s stock, valued at $49,641,948.16. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Olivier Bernhard purchased 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the transaction, the insider directly owned 5,163,184 shares of the company’s stock, valued at $189,127,429.92. This represents a 1.18% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have acquired 180,000 shares of company stock worth $6,594,000 and have sold 20,750 shares worth $745,838. 68.57% of the stock is currently owned by corporate insiders.

ON Stock Down 0.2%

ONON stock opened at $38.82 on Friday. The stock has a market capitalization of $24.77 billion, a P/E ratio of 41.74, a P/E/G ratio of 0.76 and a beta of 2.10. The firm has a 50-day simple moving average of $37.10 and a 200-day simple moving average of $41.58. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. On Holding AG has a 52 week low of $31.41 and a 52 week high of $55.95.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.03 billion. During the same period last year, the company posted $0.21 EPS. ON’s quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that On Holding AG will post 1.47 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.