Wellington Management Group LLP Trims Stock Holdings in On Holding AG (NYSE:ONON)

Wellington Management Group LLP cut its holdings in On Holding AG (NYSE:ONON - Free Report) by 12.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,304,753 shares of the company's stock after selling 744,849 shares during the period. Wellington Management Group LLP owned 0.84% of ON worth $266,033,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Private Trust Co. NA purchased a new stake in shares of ON in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. increased its holdings in ON by 319.8% in the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company's stock valued at $27,000 after purchasing an additional 403 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its position in ON by 210.5% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company's stock valued at $28,000 after purchasing an additional 400 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in ON during the third quarter worth $29,000. Finally, Quarry LP purchased a new position in shares of ON during the second quarter worth $32,000. 33.11% of the stock is currently owned by hedge funds and other institutional investors.

ON Price Performance

Shares of NYSE:ONON traded down $1.73 during trading on Friday, hitting $57.64. 3,517,034 shares of the company were exchanged, compared to its average volume of 4,044,513. The firm's 50 day moving average price is $51.96 and its 200-day moving average price is $45.66. The stock has a market capitalization of $36.29 billion, a P/E ratio of 134.05 and a beta of 2.30. On Holding AG has a 12-month low of $25.78 and a 12-month high of $60.12.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Robert W. Baird boosted their price objective on ON from $55.00 to $63.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. Williams Trading upgraded shares of ON from a "hold" rating to a "buy" rating and boosted their price target for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. The Goldman Sachs Group raised their price objective on shares of ON from $50.00 to $57.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Evercore ISI upgraded shares of ON to an "overweight" rating and lifted their price objective for the company from $43.00 to $47.00 in a report on Monday, August 12th. Finally, BTIG Research upgraded shares of 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. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $56.05.

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.