Fidelity Management & Research Co recently announced the acquisition of new stake in On Holding AG (NYSE:ONON). The institutional investor has increased its shareholding in the Consumer Cyclical company by 0.22% to 28.14 million shares with purchase of 62289.0 shares. This fresh investment now brings its stake to 9.98% valued currently at $816.33 million. In addition, Jennison Associates LLC raised its holdings by 0.55 million to 7.89 million shares. And American Century Investment Manag has lifted its position by 109.27% or 3.43 million shares – to 6.57 million shares.
With over 11.09 million On Holding AG (ONON) shares trading Friday and a closing price of $28.03 on the day, the dollar volume was approximately $310.99 million. The shares have shown a negative half year performance of -8.49% and its price on 12/22/23 lost nearly -3.71%. Currently, there are 281.98M common shares owned by the public and among those 185.84M shares have been available to trade.
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The top 3 mutual fund holders in On Holding AG are Fidelity Contrafund, Fidelity Growth Company Fund, and American Century Heritage Fund. Fidelity Contrafund owns 8.22 million shares of the company’s stock, all valued at over $238.33 million. Fidelity Growth Company Fund bought 13700.0 shares to see its total holdings expand to 4.89 million shares valued at over $141.85 million and representing 1.73% of the shares outstanding. American Century Heritage Fund bought 1.94 million shares to bring its total holdings to over 3.8 million shares at a value of $110.22 million. American Century Heritage Fund now owns shares totaling to 1.35% of the shares outstanding.
Shares of On Holding AG (NYSE: ONON) opened at $27.82, down -$1.29 from a prior closing price of $29.11. However, the script later moved the day high at 28.54, down -3.71%. The company’s stock has a 5-day price change of -9.23% and 2.60% over the past three months. ONON shares are trading 63.34% year to date (YTD), with the 12-month market performance up to 66.35% higher. It has a 12-month low price of $15.91 and touched a high of $37.08 over the same period. ONON has an average intraday trading volume of 4.88 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.40%, 1.84%, and -4.89% respectively.
Institutional ownership of On Holding AG (NYSE: ONON) shares accounts for 40.70% of the company’s 281.98M shares outstanding. Mutual fund holders own 19.91%, while other institutional holders and individual stakeholders account for 26.09% and — respectively.
It has a market capitalization of $8.92B and a beta (3y monthly) value of 2.12. The stock’s trailing 12-month PE ratio is 100.54, while the earnings-per-share (ttm) stands at $0.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.96% over the week and 4.19% over the month.
Analysts forecast that On Holding AG (ONON) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and $0.85 for 2024. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0. Earnings per share for the fiscal year are expected to increase by 66.99%, and 44.87% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate On Holding AG (ONON) as a “Strong Buy” at a consensus score of 1.53. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 3 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ONON, a number of firms have released research notes about the stock. Truist stated their Hold rating for the stock in a research note on November 17, 2023, with the firm’s price target at $29.
