Hodges Capital Management Inc. Cuts Position in On Holding AG (NYSE:ONON)

Hodges Capital Management Inc. trimmed its holdings in On Holding AG (NYSE:ONON - Free Report) by 10.2% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 642,163 shares of the company's stock after selling 73,316 shares during the quarter. ON comprises approximately 2.1% of Hodges Capital Management Inc.'s portfolio, making the stock its 8th biggest position. Hodges Capital Management Inc. owned about 0.10% of ON worth $32,204,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of ON by 4.0% during the first quarter. Vanguard Group Inc. now owns 203,025 shares of the company's stock valued at $7,183,000 after purchasing an additional 7,874 shares during the last quarter. Artemis Investment Management LLP boosted its stake in shares of ON by 1.9% in the 2nd quarter. Artemis Investment Management LLP now owns 16,410 shares of the company's stock worth $637,000 after buying an additional 302 shares during the last quarter. Granite Bay Wealth Management LLC bought a new stake in shares of ON in the second quarter worth $230,000. Diversified Trust Co purchased a new stake in ON during the second quarter valued at $267,000. Finally, Envestnet Portfolio Solutions Inc. increased its position in ON by 48.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 18,284 shares of the company's stock valued at $709,000 after acquiring an additional 5,964 shares during the last quarter. Hedge funds and other institutional investors own 33.11% of the company's stock.

ON Stock Down 2.9 %

ON stock traded down $1.73 during mid-day trading on Friday, reaching $57.64. 3,517,034 shares of the company's stock traded hands, compared to its average volume of 4,044,513. On Holding AG has a 12-month low of $25.78 and a 12-month high of $60.12. The company has a market cap of $36.29 billion, a price-to-earnings ratio of 134.05 and a beta of 2.30. The stock has a 50 day moving average of $51.96 and a two-hundred day moving average of $45.71.

Analysts Set New Price Targets

Several research firms have recently commented on ONON. Hsbc Global Res raised shares of ON to a "hold" rating in a research report on Thursday, September 5th. KeyCorp increased their price target on shares of ON from $47.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, September 26th. Morgan Stanley boosted their price objective on shares of ON from $44.00 to $46.00 and gave the company an "overweight" rating in a research report on Wednesday, August 14th. BTIG Research raised ON from a "neutral" rating to a "buy" rating and set a $64.00 target price on the stock in a report on Wednesday, November 13th. Finally, HSBC started coverage on ON in a report on Thursday, September 5th. They set a "hold" rating and a $52.00 price target for the company. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $56.05.

About ON

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.