On Holding AG (NYSE:ONON) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS reduced its position in On Holding AG (NYSE:ONON) by 88.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,900 shares of the company’s stock after selling 87,500 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in ON were worth $547,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its stake in ON by 96.5% during the 3rd quarter. Principal Financial Group Inc. now owns 101,784 shares of the company’s stock worth $5,104,000 after purchasing an additional 49,995 shares in the last quarter. Forte Capital LLC ADV purchased a new position in shares of ON in the 3rd quarter valued at about $742,000. Radnor Capital Management LLC acquired a new position in shares of ON during the third quarter worth about $338,000. Pittenger & Anderson Inc. increased its stake in shares of ON by 426.5% during the third quarter. Pittenger & Anderson Inc. now owns 10,530 shares of the company’s stock worth $528,000 after buying an additional 8,530 shares during the period. Finally, Asset Management One Co. Ltd. raised its holdings in ON by 34.1% in the third quarter. Asset Management One Co. Ltd. now owns 25,031 shares of the company’s stock valued at $1,255,000 after acquiring an additional 6,365 shares in the last quarter. Institutional investors and hedge funds own 33.11% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on ONON shares. KeyCorp increased their price objective 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. Piper Sandler raised their price target on ON from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Evercore ISI raised ON to an “overweight” rating and upped their price objective for the stock from $43.00 to $47.00 in a research report on Monday, August 12th. UBS Group raised their target price on ON from $55.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Finally, TD Cowen upped their price target on ON from $50.00 to $58.00 and gave the company a “buy” rating in a report on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, ON currently has a consensus rating of “Moderate Buy” and an average price target of $50.37.

ON Stock Up 2.3 %

Shares of ONON stock opened at $51.52 on Friday. The stock’s 50-day moving average price is $48.85 and its 200 day moving average price is $42.47. The stock has a market capitalization of $32.44 billion, a PE ratio of 97.21 and a beta of 2.25. On Holding AG has a 52-week low of $24.15 and a 52-week high of $52.80.

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 analysts’ consensus estimates of $0.14 by ($0.04). ON had a net margin of 7.42% and a return on equity of 13.02%. The company had revenue of $627.66 million during the quarter, compared to analyst estimates of $634.43 million. Analysts expect that On Holding AG will post 0.75 earnings per share for the current fiscal year.

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.