Peregrine Capital Management LLC Raises Holdings in On Holding AG $ONON

Peregrine Capital Management LLC lifted its position in shares of On Holding AG (NYSE:ONON) by 5.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 296,861 shares of the company’s stock after purchasing an additional 16,440 shares during the period. Peregrine Capital Management LLC’s holdings in ON were worth $10,099,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Platinum Paramount Investment LTD. purchased a new position in ON during the 4th quarter worth approximately $525,784,000. Sinvest Investments II Ltd. acquired a new stake in shares of ON in the fourth quarter valued at approximately $390,432,000. Morgan Stanley boosted its holdings in shares of ON by 40.9% in the fourth quarter. Morgan Stanley now owns 24,119,871 shares of the company’s stock valued at $1,121,092,000 after acquiring an additional 6,997,455 shares during the period. FengHe Fund Management Pte. Ltd. purchased a new position in shares of ON during the fourth quarter worth approximately $142,425,000. Finally, Norges Bank acquired a new position in shares of ON in the 4th quarter valued at $128,826,000. 36.39% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO David Michael Allemann acquired 60,000 shares of ON stock in a transaction that occurred on Thursday, May 14th. The stock was purchased at an average price of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the transaction, the chief executive officer directly owned 2,841,108 shares in the company, valued at approximately $104,069,786.04. This trade represents a 2.16% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Martin Hoffmann sold 4,150 shares of the firm’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $35.84, for a total transaction of $148,736.00. Following the completion of the sale, the chief executive officer 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders bought 180,000 shares of company stock valued at $6,594,000 and sold 16,600 shares valued at $580,710.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Stifel Nicolaus set a $58.00 price target on shares of ON in a research report on Tuesday, March 3rd. Sanford C. Bernstein reissued an “outperform” rating on shares of ON in a research report on Wednesday, March 4th. Needham & Company LLC dropped their price objective on shares of ON from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, May 12th. Telsey Advisory Group decreased their target price on shares of ON from $60.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Finally, Truist Financial lowered their price target on ON from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, ON presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.05.

ON Stock Performance

NYSE:ONON opened at $35.47 on Wednesday. The firm’s fifty day moving average price is $37.25 and its 200 day moving average price is $41.02. On Holding AG has a 1-year low of $31.41 and a 1-year high of $55.95. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.98 and a quick ratio of 2.39. The firm has a market cap of $22.64 billion, a price-to-earnings ratio of 38.14, a price-to-earnings-growth ratio of 0.67 and a beta of 2.10.

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