Polymer Capital Management HK LTD Sells 50,630 Shares of On Holding AG $ONON

Polymer Capital Management HK LTD cut its stake in On Holding AG (NYSE:ONON) by 30.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,995 shares of the company’s stock after selling 50,630 shares during the period. ON makes up approximately 0.8% of Polymer Capital Management HK LTD’s holdings, making the stock its 27th biggest position. Polymer Capital Management HK LTD’s holdings in ON were worth $5,484,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Korea Investment CORP boosted its holdings in ON by 56.7% in the 4th quarter. Korea Investment CORP now owns 208,684 shares of the company’s stock valued at $9,700,000 after purchasing an additional 75,501 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in ON in the 4th quarter valued at $3,976,000. Wasatch Advisors LP boosted its holdings in ON by 6.9% in the 4th quarter. Wasatch Advisors LP now owns 173,433 shares of the company’s stock valued at $8,061,000 after purchasing an additional 11,200 shares during the period. Northwest & Ethical Investments L.P. boosted its holdings in ON by 62.3% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 80,221 shares of the company’s stock valued at $3,729,000 after purchasing an additional 30,785 shares during the period. Finally, MetLife Investment Management LLC boosted its holdings in ON by 2.2% in the 4th quarter. MetLife Investment Management LLC now owns 14,411 shares of the company’s stock valued at $670,000 after purchasing an additional 308 shares during the period. 36.39% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ONON has been the subject of a number of research reports. BTIG Research reissued a “buy” rating and issued a $70.00 price target on shares of ON in a report on Tuesday, March 3rd. Truist Financial reduced their price target on shares of ON from $55.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, May 12th. Evercore set a $42.00 price target on shares of ON in a report on Tuesday, May 12th. Barclays reduced their price target on shares of ON from $57.00 to $46.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of ON from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 12th. Two 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.05.

ON Price Performance

NYSE:ONON opened at $38.60 on Friday. The company has a 50-day moving average of $36.58 and a 200-day moving average of $41.73. The company has a market capitalization of $24.63 billion, a price-to-earnings ratio of 41.51, a PEG ratio of 0.76 and a beta of 2.10. On Holding AG has a 52 week low of $31.41 and a 52 week high of $55.95. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.39 and a current ratio of 2.98.

ON (NYSE:ONON) last released 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%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the firm earned $0.21 EPS. As a group, equities research analysts anticipate that On Holding AG will post 1.47 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Martin Hoffmann sold 4,150 shares of the 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 in the company, valued at $49,641,948.16. This trade represents a 0.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Caspar Felix Coppetti bought 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average price of $36.64 per share, with a total value of $2,198,400.00. Following the transaction, the chief executive officer directly owned 2,375,855 shares in the company, valued at $87,051,327.20. This represents a 2.59% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 180,000 shares of company stock worth $6,594,000 and have sold 20,750 shares worth $745,838. 68.57% of the stock is owned by corporate insiders.

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.