Norges Bank Invests $164.57 Million in On Holding AG (NYSE:ONON)

Norges Bank bought a new stake in On Holding AG (NYSE:ONON) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,004,817 shares of the company’s stock, valued at approximately $164,574,000. Norges Bank owned approximately 0.48% of ON as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Apollon Wealth Management LLC boosted its holdings in shares of ON by 74.0% in the 4th quarter. Apollon Wealth Management LLC now owns 16,005 shares of the company’s stock worth $877,000 after purchasing an additional 6,808 shares during the period. RB Capital Management LLC lifted its position in ON by 214.8% in the third quarter. RB Capital Management LLC now owns 22,426 shares of the company’s stock worth $1,125,000 after buying an additional 15,303 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in ON by 34.1% during 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. Strategic Financial Concepts LLC bought a new position in ON during the fourth quarter valued at $30,000. Finally, Y Intercept Hong Kong Ltd raised its stake in shares of ON by 584.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 83,651 shares of the company’s stock valued at $4,195,000 after acquiring an additional 71,436 shares during the period. Hedge funds and other institutional investors own 36.39% of the company’s stock.

ON Stock Performance

Shares of ON stock opened at $43.92 on Tuesday. The company has a market capitalization of $27.66 billion, a PE ratio of 102.15, a P/E/G ratio of 1.02 and a beta of 2.35. The company has a 50-day simple moving average of $51.85 and a two-hundred day simple moving average of $52.68. On Holding AG has a one year low of $29.84 and a one year high of $64.05.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ONON. KeyCorp reiterated an “overweight” rating and set a $68.00 price target on shares of ON in a report on Wednesday, March 5th. TD Cowen increased their price target on ON from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Bank of America started coverage on ON in a report on Tuesday, January 7th. They set a “buy” rating and a $73.00 price objective for the company. Barclays increased their target price on ON from $63.00 to $64.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus boosted their target price on shares of ON from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $61.90.

ON Profile

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.