Norges Bank Takes Position in On Holding AG (NYSE:ONON)

Norges Bank acquired a new stake in shares of On Holding AG (NYSE:ONON - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,004,817 shares of the company's stock, valued at approximately $164,574,000. Norges Bank owned 0.48% of ON at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ONON. Legacy Bridge LLC purchased a new position in shares of ON during the 4th quarter valued at $43,000. Arcadia Investment Management Corp MI purchased a new position in shares of ON in the fourth quarter valued at about $53,000. VisionPoint Advisory Group LLC bought a new position in shares of ON in the fourth quarter worth about $65,000. Blue Trust Inc. grew its position in shares of ON by 148.8% during the fourth quarter. Blue Trust Inc. now owns 1,316 shares of the company's stock worth $66,000 after purchasing an additional 787 shares in the last quarter. Finally, Allworth Financial LP raised its stake in ON by 1,446.0% during the 4th quarter. Allworth Financial LP now owns 1,546 shares of the company's stock valued at $91,000 after purchasing an additional 1,446 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on ONON. Bank of America started coverage on ON in a research note on Tuesday, January 7th. They issued a "buy" rating and a $73.00 price target for the company. Jefferies Financial Group assumed coverage on shares of ON in a research note on Tuesday. They set a "hold" rating and a $44.00 target price for the company. The Goldman Sachs Group cut shares of ON from a "buy" rating to a "neutral" rating and set a $57.00 price target on the stock. in a research note on Wednesday, February 12th. Morgan Stanley lifted their target price on ON from $62.00 to $66.00 and gave the stock an "overweight" rating in a report on Wednesday, March 5th. Finally, Barclays increased their price target on ON from $63.00 to $64.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.45.

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ON Stock Down 16.4 %

ONON stock traded down $7.35 during trading on Thursday, hitting $37.57. 20,143,453 shares of the company's stock traded hands, compared to its average volume of 4,629,234. The business has a fifty day simple moving average of $51.23 and a two-hundred day simple moving average of $52.58. The firm has a market capitalization of $23.66 billion, a P/E ratio of 87.38, a PEG ratio of 1.02 and a beta of 2.35. On Holding AG has a 1 year low of $29.84 and a 1 year high of $64.05.

About ON

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own high-end stores.