Artisan Partners Limited Partnership has decreased its investment in On Holding AG (NYSE: ONON) by 4.6% during the second quarter of 2023. The firm sold 18,012 shares, bringing its total holdings to 377,378 shares, valued at approximately $19.6 million as of the end of the most recent quarter, according to data from HoldingsChannel.com.
This change in stake reflects a broader trend among institutional investors regarding their positions in On Holding AG. Other hedge funds have also made notable adjustments. For instance, TCTC Holdings LLC increased its stake by an impressive 118.4% in the first quarter, now holding 581 shares valued at $26,000 after acquiring an additional 315 shares. Washington Trust Advisors Inc. entered a new investment in On Holding in the second quarter, worth around $29,000.
Smartleaf Asset Management LLC demonstrated significant growth, raising its holdings by an extraordinary 3,392.6% in the first quarter, resulting in ownership of 943 shares valued at $42,000. Similarly, Ramirez Asset Management Inc. bought a new stake worth about $44,000, while CWM LLC increased its holdings by 22.2% during the same period, now owning 1,259 shares valued at $55,000. Overall, institutional investors hold approximately 36.39% of On’s stock.
Analyst Ratings and Stock Performance
A number of brokerages have recently issued ratings and price targets for On Holding AG. TD Cowen raised its target price from $55.00 to $57.00 and assigned a “buy” rating on November 13, 2023. Similarly, JPMorgan Chase & Co. increased its price target from $71.00 to $75.00 while maintaining an “overweight” rating.
Conversely, Citigroup downgraded the stock from a “buy” rating to a “mixed” rating on October 28, 2023. Evercore ISI also adjusted its target price downward from $68.00 to $50.00, but still rated the stock as “outperform.” Bank of America revised its price objective from $62.00 to $63.00, retaining a “buy” rating.
The consensus among analysts is generally positive, with two rating the stock as a Strong Buy, nineteen as a Buy, two as Hold, and two as Sell. The average rating stands at “Moderate Buy,” with an average target price of $61.14, according to MarketBeat.com.
On Holding AG’s stock opened at $41.20 on Friday, reflecting a market capitalization of $25.94 billion. The company has a price-to-earnings (P/E) ratio of 53.51 and a price-to-earnings-growth ratio of 2.42. The stock’s beta is noted at 2.18, indicating higher volatility compared to the market.
The company has shown resilience, with a twelve-month low of $34.38 and a high of $64.05. Its 50-day moving average currently stands at $41.46, while the 200-day moving average is $47.96.
Company Overview
On Holding AG specializes in the development and distribution of sports products, including footwear, apparel, and accessories geared towards high-performance running, outdoor activities, and tennis. The company markets its products globally through independent retailers, global distributors, as well as its own online platforms and physical stores.
For those interested in the latest movements among institutional investors in On Holding AG, HoldingsChannel.com provides comprehensive insights, including recent 13F filings and insider trades.
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