On Holding AG (NYSE:ONON) seems to be attracting some serious attention from hedge funds, with Marshall Wace LLP recently increasing their position in the company by 21.4%. According to the firm’s most recent Form 13F filing with the Securities and Exchange Commission, Marshall Wace now owns 4.7 million shares of ON worth $80.7 million. This amounts to about 0.76% of the company’s outstanding shares.
This news comes after ON released its quarterly earnings results on May 16th. The company reported earnings per share of $0.15 for the quarter, which beat analysts’ estimates by $0.07. Additionally, ON had a return on equity of 8.78% and a net margin of 6.13%. The company’s revenue for Q1 was $420 million, up 78.3% from the same quarter in the previous year.
It’s no wonder why so many hedge funds are looking to invest in ONON, as it seems to be performing incredibly well and exceeding expectations across the board.
If you’re interested in seeing what other hedge funds are doing with their investments in ONON, you can visit HoldingsChannel.com for the latest filings and insider trades.
Overall, it seems that ON is a strong performer in both its financials and investor interest, making it an exciting company to watch moving forward into the rest of June 11th, 2023 – and beyond!
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Renowned Sports Product Company, On Holding AG, Attracts Surge of Investment from Hedge Funds
On Holding AG, a renowned sports product developer and distributor, has recently witnessed a surge in investments from several hedge funds. Institutional investors currently own over 17% of the company’s stock, with Durable Capital Partners LP leading this trend by boosting its stake in ON by 114.5%. With their recent acquisition of an additional 5,887,034 shares in the last quarter alone, Durable Capital now owns 11,028,390 shares of the company’s stock worth $278,357,000.
Macquarie Group Ltd. also increased its position in ON by 9.6% during the third quarter and now owns 9,084,032 shares valued at $145,799,000. Bond Capital Management LP raised its stake in ON by 100.0% during the fourth quarter after acquiring an additional 2,814,375 shares worth $96,589,000. Capital Research Global Investors boosted its holdings in ON by 4.8% during the first quarter after buying an additional 195,301 shares worth $106,861 million while Jennison Associates LLC grew its stake in shares of ON by 24.3% during Q4 of last year after obtaining an additional 560,669 shares worth $49,283 million.
Despite these institutional investors’ bullish positions on On Holding AG’s stocks and sustained market optimism about the company’s outlook reflected on NYSE statistics opening at $30.28 on Friday with a market capitalization of $19 billion; it is not all positivity as some equities analysts issued caution reports to potential investors recently.
Morgan Stanley upped their price target on shares of ON from $26.00 to $33.00 and gave the stock an “overweight” rating,” confirming analyst confidence about On Holding AG’s future growth perspectives and earning potentiality; however:
51job restated a “maintains” rating expressing a neutral to negative view of the company’s performance, While Robert W. Baird downgraded ON from an “outperform” rating to a “neutral” rating and set a $33.00 target price on the stock. Bank of America also expressed its concern by boosting their price target on ON from $16.50 to $19.30, giving the stock an “underweight” rating in April.
Piper Sandler sees the brighter side of things and attributes these opposing views among equity research analysts as merely methods geared towards appeasing their clients or customers’ needs rather than mere reflection of actual market circumstances; with that said, they nonetheless advise caution for potential investment activities while believing in On Holding AG’s long-term growth prospects which led them to lift their price objective on ON from $33.00 to $37.00 and gave the stock an overweight rating.
On Holding AG is headquartered in Zurich, Switzerland, founded in 2010, and develops and distributes sports products worldwide through independent retailers and distributors, online stores with athletic footwear, apparel, and accessories being its primary focus area.
Investors who want more information about other hedge funds holding ONON can visit HoldingsChannel.com to get the latest 13F filings and insider trades for On Holding AG (NYSE:ONON). As always when making investments Hyped passion should be followed by pragmatic discretion based on blended analysis informed by numerous sources.