Pictet Asset Management Holding SA Cuts Stake in On Holding AG (NYSE:ONON)

Pictet Asset Management Holding SA trimmed its position in On Holding AG (NYSE:ONON - Free Report) by 22.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,443,260 shares of the company's stock after selling 416,504 shares during the period. Pictet Asset Management Holding SA owned 0.23% of ON worth $79,047,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in ON in the fourth quarter valued at approximately $164,574,000. Financial Engines Advisors L.L.C. boosted its stake in shares of ON by 3.1% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 56,880 shares of the company's stock valued at $3,115,000 after purchasing an additional 1,690 shares during the last quarter. Keystone Investors PTE Ltd. increased its position in shares of ON by 0.8% during the fourth quarter. Keystone Investors PTE Ltd. now owns 29,918 shares of the company's stock worth $1,639,000 after buying an additional 228 shares during the period. Riposte Capital LLC acquired a new stake in shares of ON during the fourth quarter worth $6,846,000. Finally, LPL Financial LLC raised its stake in ON by 3.8% during the fourth quarter. LPL Financial LLC now owns 441,922 shares of the company's stock worth $24,204,000 after buying an additional 16,129 shares during the last quarter. Institutional investors and hedge funds own 36.39% of the company's stock.

Analyst Ratings Changes

ONON has been the subject of several research analyst reports. Morgan Stanley lifted their price objective on shares of ON from $62.00 to $66.00 and gave the company an "overweight" rating in a research note on Wednesday, March 5th. Bank of America assumed coverage on ON in a report on Tuesday, January 7th. They issued a "buy" rating and a $73.00 target price on the stock. Jefferies Financial Group started coverage on shares of ON in a research note on Tuesday. They set a "hold" rating and a $44.00 price target for the company. The Goldman Sachs Group lowered shares of ON from a "buy" rating to a "neutral" rating and set a $57.00 price objective on the stock. in a research note on Wednesday, February 12th. Finally, KeyCorp reissued an "overweight" rating and set a $68.00 target price on shares of ON in a research report on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.45.

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ON Stock Down 15.4 %

Shares of ONON stock traded down $6.94 during trading on Thursday, hitting $37.98. The company had a trading volume of 9,482,403 shares, compared to its average volume of 4,421,622. The stock's 50-day moving average is $51.23 and its two-hundred day moving average is $52.58. The stock has a market capitalization of $23.91 billion, a price-to-earnings ratio of 88.33, a price-to-earnings-growth ratio of 1.02 and a beta of 2.35. On Holding AG has a 52 week low of $29.84 and a 52 week high of $64.05.

ON Company Profile

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.