Fred Alger Management LLC Sells 430,276 Shares of On Holding AG (NYSE:ONON)

Fred Alger Management LLC reduced its holdings in On Holding AG (NYSE:ONON) by 37.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 722,665 shares of the company’s stock after selling 430,276 shares during the quarter. Fred Alger Management LLC’s holdings in ON were worth $36,242,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Private Trust Co. NA bought a new stake in shares of ON in the 3rd quarter worth approximately $26,000. Blue Trust Inc. grew its position in shares of ON by 319.8% in the 3rd quarter. Blue Trust Inc. now owns 529 shares of the company’s stock worth $27,000 after buying an additional 403 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of ON in the 3rd quarter worth approximately $29,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its position in shares of ON by 210.5% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock worth $28,000 after buying an additional 400 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of ON in the 2nd quarter worth approximately $32,000. 33.11% of the stock is currently owned by institutional investors.

ON Price Performance

ONON stock opened at $57.90 on Friday. On Holding AG has a 1-year low of $25.78 and a 1-year high of $59.19. The business has a fifty day moving average price of $50.99 and a 200-day moving average price of $44.65. The stock has a market capitalization of $36.46 billion, a P/E ratio of 134.65 and a beta of 2.25.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ONON shares. Evercore ISI upgraded ON to an “overweight” rating and lifted their price objective for the stock from $43.00 to $47.00 in a research report on Monday, August 12th. Hsbc Global Res upgraded ON to a “hold” rating in a research report on Thursday, September 5th. Morgan Stanley lifted their price target on ON from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, August 14th. Telsey Advisory Group restated an “outperform” rating and set a $53.00 price target on shares of ON in a research report on Tuesday, November 12th. Finally, KeyCorp lifted their price target on ON from $47.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, September 26th. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.