Principal Financial Group Inc. Boosts Stock Holdings in On Holding AG (NYSE:ONON)

Principal Financial Group Inc. lifted its holdings in On Holding AG (NYSE:ONON - Free Report) by 96.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 101,784 shares of the company's stock after buying an additional 49,995 shares during the period. Principal Financial Group Inc.'s holdings in ON were worth $5,104,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. RB Capital Management LLC lifted its position in ON by 214.8% in the third quarter. RB Capital Management LLC now owns 22,426 shares of the company's stock worth $1,125,000 after buying an additional 15,303 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of ON by 100.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company's stock worth $49,716,000 after acquiring an additional 642,894 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its stake in shares of ON by 584.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company's stock worth $4,195,000 after purchasing an additional 71,436 shares during the period. Forte Capital LLC ADV bought a new position in ON during the 3rd quarter valued at about $742,000. Finally, Coronation Fund Managers Ltd. raised its position in ON by 248.6% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 154,903 shares of the company's stock worth $6,010,000 after purchasing an additional 110,467 shares during the period. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ONON. Barclays boosted their target price on shares of ON from $47.00 to $63.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Truist Financial upped their target price on shares of ON from $58.00 to $61.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Williams Trading raised shares of ON from a "hold" rating to a "buy" rating and raised their target price for the stock from $40.00 to $60.00 in a research report on Wednesday, November 13th. Stifel Nicolaus boosted their price target on ON from $60.00 to $66.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Finally, Robert W. Baird raised their price objective on ON from $55.00 to $63.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $56.77.

ON Stock Up 2.3 %

Shares of NYSE ONON traded up $1.25 during midday trading on Friday, reaching $56.62. 1,959,941 shares of the stock were exchanged, compared to its average volume of 2,119,970. The firm has a 50-day simple moving average of $54.62 and a two-hundred day simple moving average of $47.64. On Holding AG has a twelve month low of $25.78 and a twelve month high of $60.12. The firm has a market cap of $35.65 billion, a price-to-earnings ratio of 131.68 and a beta of 2.30.

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.