Forte Capital LLC ADV Makes New Investment in On Holding AG (NYSE:ONON)

Forte Capital LLC ADV bought a new stake in shares of On Holding AG (NYSE:ONON) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 14,800 shares of the company’s stock, valued at approximately $742,000.

Other hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC purchased a new stake in shares of ON in the 1st quarter worth approximately $521,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of ON in the first quarter worth $958,000. Janney Montgomery Scott LLC increased its holdings in shares of ON by 1,011.8% during the first quarter. Janney Montgomery Scott LLC now owns 104,185 shares of the company’s stock valued at $3,686,000 after acquiring an additional 94,814 shares in the last quarter. SG Americas Securities LLC raised its position in shares of ON by 486.2% in the 1st quarter. SG Americas Securities LLC now owns 169,806 shares of the company’s stock worth $6,008,000 after purchasing an additional 140,838 shares during the last quarter. Finally, Obermeyer Wood Investment Counsel Lllp bought a new position in ON in the 1st quarter worth about $230,000. Institutional investors own 33.11% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Raymond James started coverage on shares of ON in a report on Wednesday, July 31st. They issued an “outperform” rating and a $46.00 target price for the company. Barclays upped their price objective on ON from $40.00 to $47.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Evercore ISI raised ON to an “overweight” rating and lifted their target price for the stock from $43.00 to $47.00 in a report on Monday, August 12th. HSBC initiated coverage on ON in a report on Thursday, September 5th. They set a “hold” rating and a $52.00 price target on the stock. Finally, Bank of America upgraded ON from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $21.00 to $55.00 in a report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.37.

ON Price Performance

Shares of ONON stock opened at $50.38 on Friday. On Holding AG has a 1 year low of $24.15 and a 1 year high of $52.80. The firm has a fifty day moving average price of $48.76 and a 200-day moving average price of $42.33. The company has a market cap of $31.72 billion, a price-to-earnings ratio of 95.06 and a beta of 2.25.

ON (NYSE:ONON) last released its earnings results on Tuesday, August 13th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.04). ON had a return on equity of 13.02% and a net margin of 7.42%. The firm had revenue of $627.66 million during the quarter, compared to analysts’ expectations of $634.43 million. Equities research analysts expect that On Holding AG will post 0.76 EPS for the current year.

ON 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.