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

SummitTX Capital L.P. trimmed its holdings in On Holding AG (NYSE:ONON) by 42.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ONON. Cullen Frost Bankers Inc. boosted its stake in ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after purchasing an additional 467 shares during the last quarter. Caitlin John LLC bought a new stake in ON during the 4th quarter worth approximately $25,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of ON in the fourth quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd raised its stake in shares of ON by 555.1% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock worth $33,000 after purchasing an additional 594 shares during the last quarter. Finally, Ascentis Independent Advisors purchased a new stake in shares of ON in the first quarter worth approximately $34,000. 36.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. KeyCorp cut their target price on ON from $58.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Weiss Ratings raised ON from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Evercore set a $42.00 price objective on ON in a research note on Tuesday, May 12th. Wall Street Zen downgraded shares of ON from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Finally, Needham & Company LLC reduced their target price on shares of ON from $52.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Three 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 given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.63.

ON Price Performance

Shares of NYSE ONON opened at $37.16 on Friday. The company has a market capitalization of $23.71 billion, a PE ratio of 39.96, a PEG ratio of 0.71 and a beta of 2.12. 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 stock’s 50 day moving average price is $37.63 and its 200-day moving average price is $39.32. On Holding AG has a twelve month low of $31.41 and a twelve month high of $52.20.

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

Insider Buying and Selling at ON

In other ON news, CEO Caspar Felix Coppetti bought 60,000 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was purchased at an average cost of $36.64 per share, with a total value of $2,198,400.00. Following the transaction, the chief executive officer directly owned 2,375,855 shares in the company, valued at $87,051,327.20. This trade represents a 2.59% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Olivier Bernhard bought 60,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were acquired at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the purchase, the insider directly owned 5,163,184 shares in the company, 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 acquired 180,000 shares of company stock worth $6,594,000 in the last quarter. 68.57% of the stock is currently owned by company insiders.

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.