Pictet Asset Management Holding SA Decreases Stake in On Holding AG $ONON

Pictet Asset Management Holding SA lessened its stake in On Holding AG (NYSE:ONON) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 736,025 shares of the company’s stock after selling 25,494 shares during the quarter. Pictet Asset Management Holding SA owned 0.12% of ON worth $25,040,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ONON. Platinum Paramount Investment LTD. purchased a new stake in ON in the 4th quarter valued at approximately $525,784,000. Sinvest Investments II Ltd. purchased a new stake in ON in the 4th quarter valued at about $390,432,000. Morgan Stanley increased its position in ON by 40.9% during the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock worth $1,121,092,000 after purchasing an additional 6,997,455 shares during the last quarter. FengHe Fund Management Pte. Ltd. purchased a new position in shares of ON in the 4th quarter worth $142,425,000. Finally, Norges Bank acquired a new position in shares of ON in the 4th quarter valued at about $128,826,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Stock Performance

Shares of ON stock opened at $35.61 on Thursday. The stock has a market cap of $22.73 billion, a PE ratio of 38.29, a price-to-earnings-growth ratio of 0.66 and a beta of 2.12. On Holding AG has a 12 month low of $31.41 and a 12 month high of $55.95. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26. The business has a fifty day simple moving average of $37.21 and a 200-day simple moving average of $40.92.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.35 by $0.11. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations 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 last year, the company posted $0.21 earnings per share. On average, sell-side analysts anticipate that On Holding AG will post 1.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Olivier Bernhard purchased 60,000 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were bought 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 in the company, valued at $189,127,429.92. This trade represents a 1.18% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Caspar Felix Coppetti acquired 60,000 shares of ON stock in a transaction dated Thursday, May 14th. The stock was purchased at an average price of $36.64 per share, with a total value of $2,198,400.00. Following the completion of the purchase, the chief executive officer directly owned 2,375,855 shares of the company’s stock, valued at $87,051,327.20. The trade was a 2.59% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 180,000 shares of company stock valued at $6,594,000 and sold 16,600 shares valued at $580,710. Corporate insiders own 68.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ONON shares. Zacks Research lowered ON from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, March 11th. KeyCorp lowered their price objective on ON from $58.00 to $43.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Wall Street Zen raised shares of ON from a “hold” rating to a “buy” rating in a report on Saturday, June 27th. Telsey Advisory Group reduced their price target on shares of ON from $60.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of ON in a report on Wednesday, March 4th. Two investment 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 given a Sell rating to the company. According to data from MarketBeat, ON presently has an average rating of “Moderate Buy” and a consensus target price of $55.05.

About ON

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.