Hodges Capital Management Inc. Sells 503,665 Shares of On Holding AG (NYSE:ONON)

Hodges Capital Management Inc. lessened its stake in On Holding AG (NYSE:ONON) by 37.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 846,316 shares of the company’s stock after selling 503,665 shares during the quarter. ON makes up approximately 1.9% of Hodges Capital Management Inc.’s holdings, making the stock its 8th biggest holding. Hodges Capital Management Inc. owned about 0.13% of ON worth $29,943,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ONON. Kestra Advisory Services LLC raised its stake in shares of ON by 13.4% in the 3rd quarter. Kestra Advisory Services LLC now owns 11,262 shares of the company’s stock valued at $313,000 after purchasing an additional 1,331 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of ON in the 3rd quarter valued at about $299,000. Envestnet Asset Management Inc. raised its stake in shares of ON by 74.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 145,277 shares of the company’s stock valued at $4,042,000 after purchasing an additional 61,845 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in ON during the third quarter worth about $1,031,000. Finally, Mariner LLC raised its stake in ON by 30.9% during the third quarter. Mariner LLC now owns 63,314 shares of the company’s stock worth $1,761,000 after acquiring an additional 14,957 shares during the period. Institutional investors and hedge funds own 33.11% of the company’s stock.

Analysts Set New Price Targets

ONON has been the topic of several research reports. Barclays increased their price objective on shares of ON from $38.00 to $40.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 15th. Needham & Company LLC increased their price objective on shares of ON from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Telsey Advisory Group increased their price objective on shares of ON from $40.00 to $47.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. Morgan Stanley reiterated an “overweight” rating and set a $40.00 price objective on shares of ON in a research note on Friday, June 21st. Finally, Truist Financial reiterated a “buy” rating and set a $46.00 price objective on shares of ON in a research note on Tuesday, June 18th. Three equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

ON Price Performance

Shares of ON stock traded down $0.23 on Friday, hitting $38.80. The company had a trading volume of 7,246,963 shares, compared to its average volume of 4,472,952. On Holding AG has a 52 week low of $23.41 and a 52 week high of $44.30. The company has a market cap of $24.43 billion, a PE ratio of 88.18, a PEG ratio of 1.15 and a beta of 2.27. The business has a 50-day simple moving average of $37.82 and a 200-day simple moving average of $33.17.

ON (NYSE:ONON) last released its earnings results on Tuesday, May 14th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.12 by $0.20. ON had a net margin of 6.46% and a return on equity of 11.13%. The business had revenue of $581.41 million during the quarter, compared to analyst estimates of $555.52 million. On average, equities research analysts predict that On Holding AG will post 0.78 earnings per share for the current fiscal year.

ON Profile

On Holding AG engages in the development and distribution of sports products worldwide. The company offers athletic footwear, apparel, and accessories for high-performance running, outdoor, training, all-day activities, and tennis. It offers its products through independent retailers and distributors, online, and stores.