On Holding AG $ONON Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management decreased its position in On Holding AG (NYSE:ONON) by 17.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 104,097 shares of the company’s stock after selling 21,788 shares during the period. Picton Mahoney Asset Management’s holdings in ON were worth $4,408,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in ON in the second quarter valued at $138,641,000. Great Point Wealth Advisors LLC purchased a new position in shares of ON during the 3rd quarter worth $1,607,000. Geode Capital Management LLC acquired a new stake in shares of ON during the 2nd quarter worth about $70,152,000. Lecap Asset Management Ltd. purchased a new stake in ON in the 3rd quarter valued at about $1,473,000. Finally, Winslow Capital Management LLC acquired a new position in ON in the second quarter valued at about $248,113,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

Key Stories Impacting ON

Here are the key news stories impacting ON this week:

• Positive Sentiment: Q4 beat on both EPS and sales — On reported stronger-than-expected quarterly results (EPS above estimates) and record sales, underpinning the bullish near-term narrative. Q4 2025 Earnings Call Transcript
• Positive Sentiment: Broad-based growth and margin tailwinds — revenue and unit growth were strong across DTC, wholesale and apparel/accessories (APAC especially robust); MarketBeat notes record gross margins and accelerating EBITDA. Institutional accumulation is also rising, which supports a durable recovery thesis. After Cooling Off, On Holding May Be Ready to Sprint Higher
• Positive Sentiment: Analyst support remains — Telsey reiterated an Outperform, signaling continued analyst conviction in On’s growth runway despite the guidance conservatism. Telsey Reiterates Outperform
• Neutral Sentiment: Price-target trims but ratings intact — Barclays lowered its PT to $57 while keeping an Overweight rating; the downgrade trims upside but preserves a bullish stance. Barclays Lowers PT
• Neutral Sentiment: Guggenheim also cut its target to $51 but maintained a Buy — another vote of confidence even as near-term expectations were softened. Guggenheim Lowers PT
• Negative Sentiment: Conservative 2026 guidance and margin trade-offs — management set a cautious FY26 outlook and is prioritizing growth investments, which, combined with FX headwinds, pressured net income margins and triggered the initial sell-off. On Holding Pours Into Growth As Record Sales Meet Margin Trade Offs
• Negative Sentiment: Near-term volatility risk — the guidance-led pullback highlighted execution and margin risk; sentiment could remain choppy until Q1 results and clearer FX/SG&A cadence emerge (Q1 earnings in mid‑May is the next key catalyst). MarketBeat Analysis

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ONON. Evercore set a $58.00 price target on shares of ON and gave the company an “outperform” rating in a research report on Tuesday. Zacks Research upgraded shares of ON from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 10th. The Goldman Sachs Group boosted their target price on ON from $50.00 to $52.00 and gave the company a “neutral” rating in a research report on Thursday, November 13th. Telsey Advisory Group restated an “outperform” rating and set a $65.00 price target on shares of ON in a research report on Tuesday. Finally, Guggenheim cut their price objective on ON from $59.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, ON presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.41.

ON Stock Performance

NYSE:ONON opened at $43.32 on Friday. On Holding AG has a 52 week low of $34.38 and a 52 week high of $61.29. The company has a fifty day simple moving average of $46.18 and a two-hundred day simple moving average of $44.41. The company has a quick ratio of 2.05, a current ratio of 2.71 and a debt-to-equity ratio of 0.27. The company has a market cap of $27.20 billion, a price-to-earnings ratio of 60.17, a price-to-earnings-growth ratio of 1.29 and a beta of 2.14.

ON (NYSE:ONON) last released its earnings results on Tuesday, March 3rd. The company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.06. ON had a return on equity of 13.25% and a net margin of 6.59%.The firm had revenue of $937.29 million during the quarter, compared to analyst estimates of $727.55 million. During the same period last year, the business posted $0.33 earnings per share. ON’s revenue was up 22.6% compared to the same quarter last year. As a group, equities analysts anticipate that On Holding AG will post 0.66 earnings per share for the current fiscal year.

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.