Sterling Investment Counsel LLC Makes New Investment in On Holding AG (NYSE:ONON)

Sterling Investment Counsel LLC acquired a new position in shares of On Holding AG (NYSE:ONON) in the 3rd quarter, HoldingsChannel reports. The firm acquired 4,600 shares of the company’s stock, valued at approximately $231,000.

Other hedge funds also recently modified their holdings of the company. Blue Trust Inc. grew its holdings in ON by 319.8% during the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock worth $27,000 after acquiring an additional 403 shares during the period. Quarry LP acquired a new stake in ON during the 2nd quarter worth $32,000. WD Rutherford LLC acquired a new stake in ON during the 1st quarter worth $52,000. Asset Dedication LLC grew its holdings in ON by 25.8% during the 2nd quarter. Asset Dedication LLC now owns 1,592 shares of the company’s stock worth $62,000 after acquiring an additional 327 shares during the period. Finally, nVerses Capital LLC bought a new position in shares of ON during the third quarter worth $65,000. Institutional investors and hedge funds own 33.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Bank of America raised shares of ON from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $21.00 to $55.00 in a research report on Monday, September 23rd. Hsbc Global Res raised shares of ON to a “hold” rating in a research report on Thursday, September 5th. Truist Financial boosted their price objective on shares of ON from $51.00 to $58.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. 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. Finally, Evercore ISI raised shares of ON to an “overweight” rating and boosted their price objective for the company from $43.00 to $47.00 in a research report on Monday, August 12th. Four 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.com, ON presently has an average rating of “Moderate Buy” and a consensus price target of $49.74.

ON Price Performance

Shares of ONON traded down $0.26 during trading hours on Wednesday, hitting $48.40. 1,069,861 shares of the stock were exchanged, compared to its average volume of 5,012,868. On Holding AG has a fifty-two week low of $24.15 and a fifty-two week high of $52.80. The business has a 50-day moving average of $47.71 and a 200-day moving average of $41.14. The firm has a market capitalization of $30.48 billion, a P/E ratio of 91.81 and a beta of 2.24.

ON (NYSE:ONON) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The company had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. ON had a return on equity of 13.02% and a net margin of 7.42%. As a group, analysts forecast 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.