Thornburg Investment Management Inc. Trims Holdings in On Holding AG $ONON

Thornburg Investment Management Inc. reduced its holdings in shares of On Holding AG (NYSE:ONON) by 26.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,225 shares of the company’s stock after selling 23,691 shares during the quarter. Thornburg Investment Management Inc.’s holdings in ON were worth $3,125,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Cullen Frost Bankers Inc. raised its position in shares of ON by 639.7% during the 4th quarter. Cullen Frost Bankers Inc. now owns 540 shares of the company’s stock valued at $25,000 after acquiring an additional 467 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of ON during the 4th quarter valued at approximately $27,000. Caitong International Asset Management Co. Ltd raised its position in shares of ON by 555.1% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 701 shares of the company’s stock valued at $33,000 after acquiring an additional 594 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of ON by 109.9% during the 4th quarter. TD Private Client Wealth LLC now owns 804 shares of the company’s stock valued at $37,000 after acquiring an additional 421 shares in the last quarter. Finally, Bogart Wealth LLC raised its position in shares of ON by 88.9% during the 4th quarter. Bogart Wealth LLC now owns 850 shares of the company’s stock valued at $40,000 after acquiring an additional 400 shares in the last quarter. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Martin Hoffmann sold 4,150 shares of the firm’s stock in a transaction on Monday, April 27th. The stock was sold at an average price of $35.84, for a total transaction of $148,736.00. Following the transaction, the chief executive officer directly owned 1,385,099 shares of the company’s stock, valued at approximately $49,641,948.16. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Caspar Felix Coppetti purchased 60,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $36.64 per share, for a total transaction of $2,198,400.00. Following the completion of the acquisition, the chief executive officer directly owned 2,375,855 shares of the company’s stock, valued at approximately $87,051,327.20. This trade represents a 2.59% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over 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.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Barclays dropped their price target on ON from $57.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. BTIG Research reissued a “buy” rating and set a $70.00 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. Weiss Ratings raised ON from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Finally, Zacks Research lowered ON from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 11th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, ON has an average rating of “Moderate Buy” and a consensus target price of $55.05.

ON Price Performance

Shares of ONON opened at $38.66 on Tuesday. The firm has a market capitalization of $24.67 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth ratio of 0.75 and a beta of 2.10. 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 Holding AG has a one year low of $31.41 and a one year high of $55.95. The stock’s fifty day moving average is $36.69 and its 200-day moving average is $41.71.

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

ON 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.