Absoluto Partners Gestao de Recursos Ltda Invests $1.33 Million in On Holding AG $ONON

Absoluto Partners Gestao de Recursos Ltda bought a new stake in shares of On Holding AG (NYSE:ONON) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 25,487 shares of the company’s stock, valued at approximately $1,327,000. ON accounts for about 0.8% of Absoluto Partners Gestao de Recursos Ltda’s holdings, making the stock its 22nd biggest position.

Several other hedge funds have also added to or reduced their stakes in the business. Washington Trust Advisors Inc. bought a new position in shares of ON during the second quarter valued at about $29,000. Smartleaf Asset Management LLC boosted its holdings in ON by 3,392.6% during the 1st quarter. Smartleaf Asset Management LLC now owns 943 shares of the company’s stock valued at $42,000 after acquiring an additional 916 shares during the period. Quarry LP bought a new position in ON during the 1st quarter worth approximately $60,000. Ramirez Asset Management Inc. increased its stake in ON by 20.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 1,200 shares of the company’s stock worth $62,000 after purchasing an additional 200 shares during the period. Finally, WD Rutherford LLC bought a new stake in ON in the second quarter valued at approximately $73,000. 36.39% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ONON. BTIG Research restated a “buy” rating and issued a $70.00 target price on shares of ON in a report on Tuesday, November 4th. Morgan Stanley raised their price target on shares of ON from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. The Goldman Sachs Group upped their price objective on shares of ON from $50.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday, November 13th. Zacks Research upgraded shares of ON from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Truist Financial reduced their price target on ON from $69.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, November 10th. Four research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $61.27.

ON Stock Down 1.5%

NYSE:ONON opened at $48.73 on Friday. On Holding AG has a 1-year low of $34.38 and a 1-year high of $64.05. The company has a market capitalization of $30.60 billion, a PE ratio of 63.29, a P/E/G ratio of 2.93 and a beta of 2.16. The firm’s 50-day moving average price is $42.08 and its 200-day moving average price is $46.92. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.55 and a quick ratio of 2.05.

ON Company Profile

On Holding AG engages in the development and distribution of sports products such as footwear, apparel, and accessories for high-performance running, outdoor, all-day activities, and tennis. It sells its products worldwide through independent retailers and global distributors, its own online presence, and its own stores.