Pictet Asset Management Holding SA Cuts Holdings in On Holding AG $ONON

Pictet Asset Management Holding SA lessened its position in shares of On Holding AG (NYSE:ONON) by 26.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 761,519 shares of the company’s stock after selling 268,279 shares during the period. Pictet Asset Management Holding SA’s holdings in ON were worth $35,395,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ONON. Ameriprise Financial Inc. lifted its stake in shares of ON by 4,564.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,291,611 shares of the company’s stock valued at $119,752,000 after purchasing an additional 2,242,480 shares in the last quarter. Sands Capital Management LLC increased its position in ON by 46.7% during the 3rd quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company’s stock worth $286,685,000 after purchasing an additional 2,155,083 shares in the last quarter. State Street Corp raised its holdings in ON by 765.4% in the second quarter. State Street Corp now owns 2,219,015 shares of the company’s stock valued at $115,500,000 after buying an additional 1,962,586 shares during the period. Alyeska Investment Group L.P. purchased a new position in ON in the third quarter valued at approximately $43,868,000. Finally, Sei Investments Co. lifted its position in ON by 202.9% during the second quarter. Sei Investments Co. now owns 1,509,049 shares of the company’s stock valued at $78,546,000 after buying an additional 1,010,885 shares in the last quarter. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Stock Down 0.4%

Shares of NYSE:ONON opened at $35.29 on Thursday. The company has a market capitalization of $22.52 billion, a price-to-earnings ratio of 49.01, a price-to-earnings-growth ratio of 0.73 and a beta of 2.23. The company has a 50 day moving average of $38.48 and a two-hundred day moving average of $42.27. On Holding AG has a 52-week low of $31.41 and a 52-week high of $61.29. The company has a quick ratio of 2.13, a current ratio of 2.71 and a debt-to-equity ratio of 0.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ONON shares. BTIG Research reiterated a “buy” rating and set a $70.00 price objective on shares of ON in a research note on Tuesday, March 3rd. Telsey Advisory Group reduced their target price on shares of ON from $65.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, March 25th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of ON in a research report on Tuesday, April 21st. Sanford C. Bernstein reiterated an “outperform” rating on shares of ON in a report on Wednesday, March 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $52.00 price objective on shares of ON in a research report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.40.

Insiders Place Their Bets

In related news, CEO Martin Hoffmann sold 4,150 shares of the firm’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $35.84, for a total transaction 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 trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 20,750 shares of company stock worth $745,838. 68.57% of the stock is currently owned by company insiders.

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.