Franklin Resources Inc. Cuts Stock Holdings in On Holding AG (NYSE:ONON)

Franklin Resources Inc. cut its stake in On Holding AG (NYSE:ONON) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 991,247 shares of the company’s stock after selling 53,694 shares during the period. Franklin Resources Inc. owned about 0.16% of ON worth $49,556,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ONON. 1832 Asset Management L.P. increased its position in shares of ON by 66,838.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,409,800 shares of the company’s stock valued at $93,500,000 after purchasing an additional 2,406,200 shares during the last quarter. Acadian Asset Management LLC increased its holdings in ON by 574.3% in the second quarter. Acadian Asset Management LLC now owns 1,543,978 shares of the company’s stock valued at $59,878,000 after buying an additional 1,315,006 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in ON by 100.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,281,339 shares of the company’s stock valued at $49,716,000 after buying an additional 642,894 shares in the last quarter. Fred Alger Management LLC lifted its holdings in ON by 22.8% during the 2nd quarter. Fred Alger Management LLC now owns 1,152,941 shares of the company’s stock worth $44,734,000 after buying an additional 213,815 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of ON during the 2nd quarter worth about $43,456,000. 36.39% of the stock is owned by institutional investors and hedge funds.

ON Stock Down 2.2 %

Shares of NYSE:ONON opened at $56.62 on Wednesday. The company has a market cap of $35.65 billion, a price-to-earnings ratio of 131.68 and a beta of 2.30. On Holding AG has a fifty-two week low of $25.78 and a fifty-two week high of $60.12. The firm’s 50-day simple moving average is $52.77 and its 200-day simple moving average is $46.38.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ONON. Truist Financial raised their target price on ON from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Hsbc Global Res upgraded shares of ON to a “hold” rating in a report on Thursday, September 5th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $53.00 target price on shares of ON in a research report on Tuesday, November 12th. KeyCorp boosted their price target on shares of ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. 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. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.38.

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.