Artisan Partners Limited Partnership has reduced its holdings in On Holding AG (NYSE: ONON) by 4.6% during the second quarter of 2023. According to data from HoldingsChannel.com, the investment firm sold 18,012 shares, bringing its total ownership to 377,378 shares, valued at approximately $19,643,000 at the end of the quarter.
Several other institutional investors have also adjusted their positions in On Holding AG. Notably, TCTC Holdings LLC significantly increased its stake by 118.4% during the first quarter, now owning 581 shares worth about $26,000 after acquiring an additional 315 shares. Washington Trust Advisors Inc. entered a new investment in the second quarter, purchasing shares valued at around $29,000. Smartleaf Asset Management LLC saw an impressive increase in its holdings, up 3,392.6% in the first quarter, now possessing 943 shares valued at $42,000 after acquiring an additional 916 shares.
Ramirez Asset Management Inc. also made a new investment in the first quarter, now holding shares worth about $44,000. Additionally, CWM LLC increased its stake by 22.2%, owning 1,259 shares valued at $55,000 after purchasing 229 additional shares. Overall, institutional investors currently own 36.39% of On Holding AG’s stock.
Analyst Ratings and Stock Performance
Several analysts have recently provided updates on On Holding AG. TD Cowen raised its target price for the stock from $55.00 to $57.00, maintaining a “buy” rating in a report issued on November 13, 2023. Meanwhile, JPMorgan Chase & Co. updated its price target from $71.00 to $75.00, also issuing an “overweight” rating on the stock. Conversely, Citigroup downgraded its rating from “buy” to “mixed” on October 28, 2023, while Evercore ISI lowered its target price from $68.00 to $50.00, keeping an “outperform” rating.
Bank of America adjusted its price objective from $62.00 to $63.00, maintaining a “buy” rating. In total, two analysts have rated On Holding AG as a Strong Buy, while nineteen have assigned it a Buy rating. Two analysts have issued Hold ratings, and two have given Sell ratings, resulting in an average rating of “Moderate Buy” with a target price of approximately $61.14, according to MarketBeat.com.
As of the latest trading session, shares of On Holding AG opened at $41.20. The company currently has a market capitalization of $25.94 billion, a price-to-earnings (P/E) ratio of 53.51, and a price-to-earnings-growth (PEG) ratio of 2.42. The stock has exhibited a beta of 2.18, indicating higher volatility compared to the broader market.
On Holding AG has recorded a twelve-month low of $34.38 and a high of $64.05. The company’s moving averages stand at $41.46 for the 50-day and $47.96 for the 200-day averages.
Company Overview
On Holding AG specializes in the development and distribution of high-performance sports products, including footwear, apparel, and accessories for running, outdoor activities, and tennis. The company markets its products globally through independent retailers, global distributors, and its own online and physical retail presence.
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