Jennison Associates LLC Has $68.69 Million Stake in On Holding AG (NYSE:ONON)

Jennison Associates LLC decreased its stake in shares of On Holding AG (NYSE:ONON) by 67.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,547,016 shares of the company’s stock after selling 5,339,984 shares during the quarter. Jennison Associates LLC’s holdings in ON were worth $68,693,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Duality Advisers LP acquired a new stake in shares of ON during the 4th quarter worth approximately $1,159,000. APEIRON CAPITAL Ltd grew its position in ON by 4.5% in the 4th quarter. APEIRON CAPITAL Ltd now owns 1,085,922 shares of the company’s stock valued at $29,287,000 after purchasing an additional 47,229 shares during the period. Kornitzer Capital Management Inc. KS acquired a new stake in ON in the 4th quarter valued at $245,000. J.W. Cole Advisors Inc. acquired a new stake in ON in the 4th quarter valued at $360,000. Finally, Federated Hermes Inc. grew its position in ON by 54.2% in the 4th quarter. Federated Hermes Inc. now owns 555,000 shares of the company’s stock valued at $14,968,000 after purchasing an additional 195,000 shares during the period. Institutional investors and hedge funds own 33.11% of the company’s stock.

Analysts Set New Price Targets

ONON has been the subject of several research reports. Evercore ISI reduced their price target on shares of ON from $40.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, March 13th. Piper Sandler lifted their price target on shares of ON from $37.00 to $39.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Truist Financial lifted their price objective on shares of ON from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Wednesday, March 13th. Stifel Nicolaus reaffirmed a “buy” rating and set a $40.00 price objective on shares of ON in a report on Tuesday, March 5th. Finally, Barclays initiated coverage on shares of ON in a report on Monday, April 1st. They set an “overweight” rating and a $38.00 price objective on the stock. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average price target of $37.13.

ON Stock Performance

Shares of NYSE:ONON opened at $31.94 on Tuesday. The company’s 50-day moving average is $33.08 and its 200 day moving average is $29.39. The company has a market capitalization of $20.11 billion, a P/E ratio of 118.30, a price-to-earnings-growth ratio of 1.10 and a beta of 2.16. On Holding AG has a fifty-two week low of $23.41 and a fifty-two week high of $37.08.

ON (NYSE:ONON) last issued its quarterly earnings results on Tuesday, March 12th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.18). ON had a return on equity of 6.85% and a net margin of 4.04%. The company had revenue of $504.69 million during the quarter, compared to analysts’ expectations of $515.30 million. As a group, research analysts predict that On Holding AG will post 0.65 earnings per share for the current year.

ON Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.