Pinnacle Associates Ltd. Has $1.31 Million Holdings in On Holding AG (NYSE:ONON)

Pinnacle Associates Ltd. boosted its stake in On Holding AG (NYSE:ONON - Free Report) by 165.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,170 shares of the company's stock after purchasing an additional 16,300 shares during the period. Pinnacle Associates Ltd.'s holdings in ON were worth $1,312,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in ON by 210.5% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company's stock valued at $28,000 after buying an additional 400 shares during the last quarter. WD Rutherford LLC boosted its position in ON by 62.0% in the 3rd quarter. WD Rutherford LLC now owns 6,071 shares of the company's stock valued at $304,000 after buying an additional 2,323 shares during the last quarter. Strategic Blueprint LLC bought a new position in shares of ON during the third quarter worth about $294,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of ON by 11.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 18,002 shares of the company's stock worth $903,000 after purchasing an additional 1,899 shares during the last quarter. Finally, First National Bank of Hutchinson lifted its position in shares of ON by 64.6% during the third quarter. First National Bank of Hutchinson now owns 10,217 shares of the company's stock worth $512,000 after purchasing an additional 4,011 shares during the last quarter. 33.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ONON has been the topic of several research analyst reports. Evercore ISI raised shares of ON to an "overweight" rating and increased their price target for the stock from $43.00 to $47.00 in a research report on Monday, August 12th. Truist Financial increased their price target on shares of ON from $51.00 to $58.00 and gave the stock a "buy" rating in a research report on Thursday, October 3rd. Piper Sandler increased their price target on shares of ON from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Thursday, October 3rd. Bank of America raised shares of ON from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $21.00 to $55.00 in a research report on Monday, September 23rd. Finally, KeyCorp raised their target price on shares of ON from $47.00 to $60.00 and gave the stock an "overweight" rating in a report on Thursday, September 26th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat, ON presently has an average rating of "Moderate Buy" and a consensus price target of $49.74.

ON Stock Performance

Shares of NYSE:ONON traded down $0.92 during trading on Friday, reaching $46.50. The company had a trading volume of 3,346,980 shares, compared to its average volume of 3,075,880. The firm's fifty day moving average is $48.66 and its 200 day moving average is $41.91. The firm has a market capitalization of $29.28 billion, a PE ratio of 87.74 and a beta of 2.25. On Holding AG has a twelve month low of $24.15 and a twelve month high of $52.80.

ON (NYSE:ONON - Get Free Report) last released its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.04). ON had a return on equity of 13.02% and a net margin of 7.42%. The firm had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. Equities analysts predict that On Holding AG will post 0.76 earnings per share for the current fiscal year.

ON Company 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.