Cinctive Capital Management LP Cuts Stock Holdings in On Holding AG $ONON

Cinctive Capital Management LP trimmed its holdings in shares of On Holding AG (NYSE:ONON) by 43.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 133,769 shares of the company’s stock after selling 101,172 shares during the period. Cinctive Capital Management LP’s holdings in ON were worth $6,218,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in ON by 54.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 177,200 shares of the company’s stock valued at $8,320,000 after buying an additional 62,500 shares during the period. Robinhood Asset Management LLC purchased a new stake in ON during the fourth quarter valued at about $4,747,000. Sands Capital Management LLC boosted its position in ON by 46.7% during the third quarter. Sands Capital Management LLC now owns 6,769,430 shares of the company’s stock valued at $286,685,000 after buying an additional 2,155,083 shares during the period. American Century Companies Inc. raised its stake in shares of ON by 9.9% during the third quarter. American Century Companies Inc. now owns 4,058,475 shares of the company’s stock valued at $171,876,000 after acquiring an additional 365,907 shares during the last quarter. Finally, One Capital Management LLC bought a new position in shares of ON during the fourth quarter valued at about $8,887,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at ON

In related news, CEO David Michael Allemann purchased 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was bought 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 chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. This represents a 2.16% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Martin Hoffmann sold 4,150 shares of the stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $35.84, for a total transaction of $148,736.00. Following the completion of the transaction, the chief executive officer directly owned 1,385,099 shares of the company’s stock, valued at approximately $49,641,948.16. The trade was a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders purchased 180,000 shares of company stock valued at $6,594,000 and sold 20,750 shares valued at $745,838. Corporate insiders own 68.57% of the company’s stock.

Wall Street Analyst Weigh In

ONON has been the subject of several recent analyst reports. UBS Group reaffirmed a “buy” rating on shares of ON in a research note on Thursday, February 19th. Evercore set a $42.00 price objective on shares of ON in a research note on Tuesday, May 12th. Weiss Ratings raised shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 12th. Stifel Nicolaus set a $58.00 price objective on shares of ON in a research note on Tuesday, March 3rd. Finally, Raymond James Financial raised shares of ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price objective for the company in a research note on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.05.

ON Stock Performance

Shares of NYSE:ONON opened at $37.67 on Thursday. The company has a market cap of $24.04 billion, a price-to-earnings ratio of 40.51, a price-to-earnings-growth ratio of 0.74 and a beta of 2.10. The company has a 50-day moving average price of $36.88 and a 200-day moving average price of $41.64. The company has a current ratio of 2.98, a quick ratio of 2.39 and a debt-to-equity ratio of 0.26. On Holding AG has a 12 month low of $31.41 and a 12 month high of $55.95.

ON (NYSE:ONON) last released its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.11. ON had a net margin of 7.92% and a return on equity of 15.72%. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the firm earned $0.21 earnings per share. ON’s revenue was up 14.5% on a year-over-year basis. As a group, equities analysts anticipate that On Holding AG will post 1.47 EPS for the current year.

ON Company Profile

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.