Virtu Financial LLC Trims Stock Position in On Holding AG (NYSE:ONON)

Virtu Financial LLC cut its holdings in On Holding AG (NYSE:ONON) by 78.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,426 shares of the company’s stock after selling 54,750 shares during the period. Virtu Financial LLC’s holdings in ON were worth $774,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Private Trust Co. NA acquired a new position in shares of ON in the 3rd quarter valued at $26,000. Blue Trust Inc. lifted 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 buying an additional 403 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in ON during the third quarter worth about $29,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of ON by 210.5% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 590 shares of the company’s stock valued at $28,000 after acquiring an additional 400 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of ON in the 2nd quarter valued at approximately $32,000. 36.39% of the stock is currently owned by hedge funds and other institutional investors.

ON Stock Performance

NYSE:ONON opened at $57.28 on Friday. On Holding AG has a 1 year low of $25.78 and a 1 year high of $60.12. The stock has a market cap of $36.07 billion, a P/E ratio of 133.21 and a beta of 2.30. The stock has a 50-day simple moving average of $52.63 and a 200-day simple moving average of $46.22.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Piper Sandler increased their price objective on shares of ON from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, October 3rd. 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. Raymond James upgraded ON from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from $58.00 to $63.00 in a report on Thursday, November 21st. HSBC began coverage on ON in a report on Thursday, September 5th. They set a “hold” rating and a $52.00 target price for the company. Finally, Williams Trading raised shares of ON from a “hold” rating to a “buy” rating and increased their price target for the stock from $40.00 to $60.00 in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ON currently has an average rating of “Moderate Buy” and an average target price of $56.38.

ON Profile

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.