Resona Asset Management Co. Ltd. Acquires New Stake in On Holding AG $ONON

Resona Asset Management Co. Ltd. acquired a new stake in On Holding AG (NYSE:ONON) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,592 shares of the company’s stock, valued at approximately $83,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Montag A & Associates Inc. purchased a new stake in shares of ON during the first quarter valued at $26,000. TCTC Holdings LLC increased its stake in ON by 118.4% in the 1st quarter. TCTC Holdings LLC now owns 581 shares of the company’s stock worth $26,000 after buying an additional 315 shares during the period. Washington Trust Advisors Inc. bought a new stake in ON during the 2nd quarter valued at about $29,000. Smartleaf Asset Management LLC boosted its position in ON by 3,392.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock valued at $42,000 after buying an additional 916 shares during the period. Finally, Ramirez Asset Management Inc. purchased a new stake in ON in the 1st quarter valued at about $44,000. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Stock Up 17.7%

ON stock opened at $41.42 on Thursday. The company has a quick ratio of 2.00, a current ratio of 2.53 and a debt-to-equity ratio of 0.31. The firm has a market cap of $26.08 billion, a P/E ratio of 92.05, a P/E/G ratio of 4.37 and a beta of 2.18. The business has a fifty day moving average of $41.77 and a two-hundred day moving average of $48.25. On Holding AG has a twelve month low of $34.38 and a twelve month high of $64.05.

ON (NYSE:ONON) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.35). The company had revenue of $944.29 million during the quarter, compared to analysts’ expectations of $707.74 million. ON had a net margin of 4.45% and a return on equity of 8.75%. The company’s revenue was up 32.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.14 earnings per share. On average, analysts forecast that On Holding AG will post 0.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Citigroup lowered shares of ON from a “buy” rating to a “mixed” rating in a research report on Tuesday, October 28th. Weiss Ratings reissued a “sell (d+)” rating on shares of ON in a research note on Wednesday, October 8th. TD Cowen decreased their target price on ON from $63.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, October 14th. UBS Group upped their target price on ON from $75.00 to $79.00 and gave the stock a “buy” rating in a report on Wednesday, August 13th. Finally, BTIG Research reissued a “buy” rating and set a $70.00 price target on shares of ON in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $60.65.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.