Royal Bank of Canada Sells 16,513 Shares of On Holding AG $ONON

Royal Bank of Canada lowered its stake in On Holding AG (NYSE:ONON) by 3.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 497,619 shares of the company’s stock after selling 16,513 shares during the period. Royal Bank of Canada’s holdings in ON were worth $16,929,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. boosted its holdings 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. Caitlin John LLC bought a new position in shares of ON during the fourth quarter worth about $25,000. MidAtlantic Capital Management Inc. acquired a new position in shares of ON in the fourth quarter worth approximately $27,000. Caitong International Asset Management Co. Ltd boosted its holdings in ON by 555.1% in the fourth 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 during the last quarter. Finally, Ascentis Independent Advisors acquired a new stake in ON during the 1st quarter valued at approximately $34,000. 36.39% of the stock is currently owned by institutional investors and hedge funds.

ON Stock Down 2.3%

ON stock opened at $37.31 on Friday. The company has a market capitalization of $23.81 billion, a PE ratio of 40.12, a PEG ratio of 0.71 and a beta of 2.12. On Holding AG has a 12-month low of $31.41 and a 12-month high of $52.20. The firm’s fifty day moving average is $37.40 and its 200 day moving average is $39.01. The company has a quick ratio of 2.39, a current ratio of 2.98 and a debt-to-equity ratio of 0.26.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, May 12th. The company reported $0.46 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 business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the company posted $0.21 earnings per share. The business’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts predict that On Holding AG will post 1.5 EPS for the current fiscal year.

Insider Transactions at ON

In other news, CEO Caspar Felix Coppetti purchased 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average cost of $36.64 per share, with a total value of $2,198,400.00. Following the purchase, the chief executive officer 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 acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Olivier Bernhard purchased 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were purchased at an average cost of $36.63 per share, for a total transaction of $2,197,800.00. Following the completion of the purchase, the insider owned 5,163,184 shares in the company, valued at $189,127,429.92. This trade represents a 1.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 180,000 shares of company stock valued at $6,594,000 in the last 90 days. 68.57% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ONON. Raymond James Financial upgraded shares of ON from an “outperform” rating to a “strong-buy” rating and set a $52.00 price target on the stock in a research report on Thursday, April 23rd. Evercore set a $42.00 target price on shares of ON in a research note on Tuesday, May 12th. Truist Financial dropped their target price on shares of ON from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, May 12th. JPMorgan Chase & Co. started coverage on ON in a report on Thursday, July 2nd. They set an “overweight” rating and a $51.00 price target for the company. Finally, Weiss Ratings raised ON from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 12th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $53.63.

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.