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

Jennison Associates LLC lessened its stake in On Holding AG (NYSE:ONON) by 67.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,547,016 shares of the company’s stock after selling 5,339,984 shares during the quarter. Jennison Associates LLC owned about 0.40% of ON worth $68,693,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in shares of ON by 4.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,708,416 shares of the company’s stock worth $46,076,000 after buying an additional 76,746 shares during the period. Liontrust Investment Partners LLP grew its position in shares of ON by 204.7% during the 3rd quarter. Liontrust Investment Partners LLP now owns 517,942 shares of the company’s stock worth $14,410,000 after buying an additional 347,942 shares during the period. China Universal Asset Management Co. Ltd. grew its position in shares of ON by 127.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 131,585 shares of the company’s stock worth $3,549,000 after buying an additional 73,839 shares during the period. Baltimore Washington Financial Advisors Inc. grew its position in shares of ON by 10.3% during the 3rd quarter. Baltimore Washington Financial Advisors Inc. now owns 292,338 shares of the company’s stock worth $8,133,000 after buying an additional 27,206 shares during the period. Finally, Asio Capital LLC acquired a new stake in shares of ON during the 3rd quarter worth approximately $1,754,000. Institutional investors and hedge funds own 33.11% of the company’s stock.

ON Stock Performance

Shares of ONON opened at $31.94 on Tuesday. On Holding AG has a twelve month low of $23.41 and a twelve month high of $37.08. The firm’s 50 day moving average price is $33.08 and its two-hundred day moving average price is $29.39. The firm has a market cap of $20.11 billion, a P/E ratio of 118.30, a PEG ratio of 1.10 and a beta of 2.16.

ON (NYSE:ONON) last announced 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 net margin of 4.04% and a return on equity of 6.85%. The company had revenue of $504.69 million during the quarter, compared to the consensus estimate of $515.30 million. On average, sell-side analysts anticipate that On Holding AG will post 0.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ONON. Telsey Advisory Group reiterated an “outperform” rating and set a $37.00 price target on shares of ON in a research report on Wednesday, March 6th. TheStreet lowered shares of ON from a “c” rating to a “d+” rating in a research note on Monday, March 18th. William Blair assumed coverage on shares of ON in a research note on Tuesday, April 16th. They set an “outperform” rating on the stock. Stifel Nicolaus reissued a “buy” rating and set a $40.00 price objective on shares of ON in a research note on Tuesday, March 5th. Finally, Evercore ISI reduced their price objective on shares of ON from $40.00 to $37.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, ON presently has a consensus rating of “Moderate Buy” and an average target price of $37.13.

ON Company 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.