Bank of New York Mellon Corp Sells 304,975 Shares of On Holding AG $ONON

Bank of New York Mellon Corp cut its holdings in shares of On Holding AG (NYSE:ONON) by 45.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 370,684 shares of the company’s stock after selling 304,975 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.06% of ON worth $12,611,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jacobi Capital Management LLC grew its position in shares of ON by 3.6% during the 4th quarter. Jacobi Capital Management LLC now owns 6,875 shares of the company’s stock valued at $320,000 after purchasing an additional 240 shares in the last quarter. J.W. Cole Advisors Inc. raised its position in shares of ON by 2.4% in the fourth quarter. J.W. Cole Advisors Inc. now owns 12,283 shares of the company’s stock worth $571,000 after buying an additional 285 shares in the last quarter. Parallel Advisors LLC boosted its stake in ON by 2.8% during the fourth quarter. Parallel Advisors LLC now owns 10,455 shares of the company’s stock valued at $486,000 after buying an additional 285 shares during the period. MetLife Investment Management LLC boosted its stake in ON by 2.2% during the fourth quarter. MetLife Investment Management LLC now owns 14,411 shares of the company’s stock valued at $670,000 after buying an additional 308 shares during the period. Finally, Azzad Asset Management Inc. ADV grew its position in ON by 0.3% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 110,637 shares of the company’s stock worth $5,142,000 after buying an additional 318 shares in the last quarter. Institutional investors own 36.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ONON shares. UBS Group decreased their price objective on shares of ON from $85.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. initiated coverage on shares of ON in a research report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 target price for the company. Evercore set a $42.00 price target on shares of ON in a research note on Tuesday, May 12th. Raymond James Financial raised shares of ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price target on the stock in a report on Thursday, April 23rd. Finally, Wall Street Zen cut shares of ON from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.63.

Insider Buying and Selling at ON

In other news, insider Olivier Bernhard acquired 60,000 shares of the stock in a transaction dated Thursday, May 14th. The stock was purchased at an average cost of $36.63 per share, with a total value of $2,197,800.00. Following the completion of the purchase, the insider owned 5,163,184 shares in the company, valued at approximately $189,127,429.92. The trade was a 1.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Caspar Felix Coppetti bought 60,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the completion of the purchase, the chief executive officer directly owned 2,375,855 shares of the company’s stock, valued at $87,051,327.20. The trade was a 2.59% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 180,000 shares of company stock valued at $6,594,000 in the last quarter. Company insiders own 68.57% of the company’s stock.

ON Trading Down 2.1%

Shares of ONON stock opened at $36.34 on Friday. The stock has a market capitalization of $23.19 billion, a PE ratio of 39.07, a P/E/G ratio of 0.69 and a beta of 2.12. On Holding AG has a 1-year low of $31.41 and a 1-year high of $52.20. The business has a 50-day moving average of $37.56 and a 200 day moving average of $39.30. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39.

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

About ON

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.