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

Wellington Management Group LLP lowered its holdings in On Holding AG (NYSE:ONON) by 12.3% during the third quarter, Holdings Channel.com reports. The firm owned 5,304,753 shares of the company’s stock after selling 744,849 shares during the period. Wellington Management Group LLP’s holdings in ON were worth $266,033,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Private Trust Co. NA purchased a new stake in ON in the third quarter valued at $26,000. Blue Trust Inc. raised its position in ON by 319.8% in the third 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 period. 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. purchased a new stake in ON in the third quarter valued at $29,000. Finally, Quarry LP purchased a new stake in ON in the second quarter valued at $32,000. Hedge funds and other institutional investors own 33.11% of the company’s stock.

ON Stock Performance

NYSE:ONON opened at $57.64 on Friday. The stock has a 50-day simple moving average of $51.96 and a 200-day simple moving average of $45.66. The stock has a market cap of $36.29 billion, a P/E ratio of 134.05 and a beta of 2.30. On Holding AG has a 1 year low of $25.78 and a 1 year high of $60.12.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ONON. TD Cowen boosted their price objective on ON from $58.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Stifel Nicolaus boosted their price objective on ON from $45.00 to $59.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. The Goldman Sachs Group boosted their price objective on ON from $50.00 to $57.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Needham & Company LLC began coverage on ON in a report on Friday, November 22nd. They issued a “buy” rating and a $64.00 price objective on the stock. Finally, Evercore ISI upgraded ON to an “overweight” rating and boosted their price objective for the company from $43.00 to $47.00 in a report on Monday, August 12th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.05.

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.