Lombard Odier Asset Management Europe Ltd Takes $2 Million Position in On Holding AG $ONON

Lombard Odier Asset Management Europe Ltd purchased a new stake in On Holding AG (NYSE:ONON) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 58,739 shares of the company’s stock, valued at approximately $1,998,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ONON. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in ON by 54.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,200 shares of the company’s stock worth $8,320,000 after purchasing an additional 62,500 shares during the last quarter. Robinhood Asset Management LLC acquired a new position in ON during the 4th quarter worth $4,747,000. One Capital Management LLC bought a new position in ON in the 4th quarter valued at $8,887,000. RFG Advisory LLC bought a new position in ON in the 4th quarter valued at $1,343,000. Finally, Norges Bank acquired a new stake in shares of ON in the 4th quarter valued at $128,826,000. Institutional investors and hedge funds own 36.39% of the company’s stock.

ON Stock Performance

ONON stock opened at $35.89 on Friday. On Holding AG has a twelve month low of $31.41 and a twelve month high of $52.41. 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 company has a market cap of $22.90 billion, a P/E ratio of 38.60, a price-to-earnings-growth ratio of 0.67 and a beta of 2.12. The business’s fifty day moving average is $37.67 and its 200-day moving average is $39.72.

ON (NYSE:ONON) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 15.72% and a net margin of 7.92%.The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.21 earnings per share. Equities research analysts forecast that On Holding AG will post 1.5 EPS for the current year.

Insider Buying and Selling

In related news, CEO Caspar Felix Coppetti bought 60,000 shares of ON stock in a transaction on Thursday, May 14th. The shares were purchased at an average price of $36.64 per share, for a total transaction of $2,198,400.00. Following the completion of the acquisition, the chief executive officer owned 2,375,855 shares in the company, valued at approximately $87,051,327.20. This represents a 2.59% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Michael Allemann bought 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, with a total value of $2,197,800.00. Following the completion of the transaction, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. This trade represents a 2.16% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 180,000 shares of company stock worth $6,594,000 in the last ninety days. 68.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on ONON. Telsey Advisory Group dropped their target price on ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Evercore set a $42.00 price target on ON in a report on Tuesday, May 12th. Zacks Research upgraded ON from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. started coverage on ON in a report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 price objective for the company. Finally, Raymond James Financial upgraded shares of ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price target for the company in a research report on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.79.

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.