SummitTX Capital L.P. Sells 18,606 Shares of On Holding AG $ONON

SummitTX Capital L.P. decreased its position in On Holding AG (NYSE:ONON) by 42.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,803 shares of the company’s stock after selling 18,606 shares during the period. SummitTX Capital L.P.’s holdings in ON were worth $844,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. OMERS ADMINISTRATION Corp bought a new position in ON during the first quarter valued at $5,694,000. Lombard Odier Asset Management Europe Ltd bought a new stake in shares of ON in the first quarter valued at $1,998,000. State of Wyoming lifted its position in shares of ON by 132.6% during the 1st quarter. State of Wyoming now owns 4,508 shares of the company’s stock valued at $153,000 after buying an additional 2,570 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of ON by 2.8% during the 1st quarter. Cetera Investment Advisers now owns 57,437 shares of the company’s stock valued at $1,954,000 after buying an additional 1,557 shares during the last quarter. Finally, Militia Capital Management LLC bought a new position in shares of ON during the 1st quarter worth $1,388,000. 36.39% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently weighed in on ONON. KeyCorp decreased 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. JPMorgan Chase & Co. initiated coverage on shares of ON in a report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 price objective on the stock. Weiss Ratings upgraded shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Wall Street Zen downgraded shares of ON from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Finally, Zacks Research raised shares of ON from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average target price of $53.63.

Insiders Place Their Bets

In related news, CEO David Michael Allemann bought 60,000 shares of ON stock in a transaction on Thursday, May 14th. The stock was acquired at an average price of $36.63 per share, with a total value of $2,197,800.00. Following the acquisition, the chief executive officer directly owned 2,841,108 shares of the company’s stock, valued at $104,069,786.04. This represents a 2.16% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Olivier Bernhard purchased 60,000 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were bought at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the transaction, the insider owned 5,163,184 shares of the company’s stock, valued at approximately $189,127,429.92. This trade represents a 1.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 180,000 shares of company stock worth $6,594,000 in the last quarter. 68.57% of the stock is owned by company insiders.

ON Price Performance

ON stock opened at $37.16 on Friday. On Holding AG has a one year low of $31.41 and a one year high of $52.20. The business has a fifty day moving average price of $37.63 and a 200-day moving average price of $39.32. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39. The firm has a market capitalization of $23.71 billion, a P/E ratio of 39.96, a PEG ratio of 0.71 and a beta of 2.12.

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