Franklin Resources Inc. Increases Position in On Holding AG (NYSE:ONON)

Franklin Resources Inc. lifted its position in shares of On Holding AG (NYSE:ONON) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,017,842 shares of the company’s stock after buying an additional 26,595 shares during the period. Franklin Resources Inc.’s holdings in ON were worth $55,747,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Alliancebernstein L.P. boosted its holdings in ON by 2.8% during the 4th quarter. Alliancebernstein L.P. now owns 17,378,277 shares of the company’s stock valued at $951,808,000 after acquiring an additional 471,805 shares during the period. Norges Bank bought a new stake in ON in the fourth quarter valued at approximately $164,574,000. Jennison Associates LLC boosted its stake in shares of ON by 27.4% during the fourth quarter. Jennison Associates LLC now owns 2,049,644 shares of the company’s stock valued at $112,259,000 after purchasing an additional 440,685 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of ON in the fourth quarter worth approximately $78,799,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of ON by 34.1% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,376,850 shares of the company’s stock worth $76,213,000 after buying an additional 349,789 shares during the period. 36.39% of the stock is owned by hedge funds and other institutional investors.

ON Stock Up 5.1 %

ON stock opened at $39.56 on Friday. The stock’s 50 day moving average is $50.36 and its 200 day moving average is $52.40. On Holding AG has a twelve month low of $29.84 and a twelve month high of $64.05. The company has a market capitalization of $24.91 billion, a P/E ratio of 92.00, a PEG ratio of 1.02 and a beta of 2.35.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ONON. The Goldman Sachs Group cut shares of ON from a “buy” rating to a “neutral” rating and set a $57.00 price target for the company. in a research report on Wednesday, February 12th. TD Cowen increased their target price on shares of ON from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. UBS Group upped their price target on ON from $65.00 to $73.00 and gave the company a “buy” rating in a research report on Wednesday, March 5th. Stifel Nicolaus lifted their price objective on ON from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, Citigroup assumed coverage on ON in a research note on Wednesday, December 18th. They set a “neutral” rating and a $65.00 target price on the stock. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $60.45.

About ON

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