The Manufacturers Life Insurance Company lifted its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 65.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 185,876 shares of the semiconductor company's stock after buying an additional 73,380 shares during the period. The Manufacturers Life Insurance Company owned about 0.38% of Onto Innovation worth $38,580,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Quarry LP boosted its position in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company's stock valued at $25,000 after buying an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 108 shares in the last quarter. LGT Financial Advisors LLC boosted its holdings in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company's stock worth $54,000 after acquiring an additional 90 shares in the last quarter. Fifth Third Bancorp grew its position in Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company's stock worth $64,000 after acquiring an additional 84 shares during the last quarter. Finally, Eastern Bank acquired a new stake in Onto Innovation during the 3rd quarter valued at $65,000. Institutional investors own 98.35% of the company's stock.
Insider Transactions at Onto Innovation
In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 7.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.72% of the stock is owned by corporate insiders.
Onto Innovation Price Performance
Shares of NYSE ONTO traded up $3.14 during mid-day trading on Friday, hitting $164.18. The company's stock had a trading volume of 449,981 shares, compared to its average volume of 593,872. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of 44.49, a price-to-earnings-growth ratio of 1.03 and a beta of 1.37. The company's fifty day simple moving average is $191.02 and its 200-day simple moving average is $202.88. Onto Innovation Inc. has a one year low of $134.11 and a one year high of $238.93.
Onto Innovation (NYSE:ONTO - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.31 by $0.03. The firm had revenue of $252.20 million for the quarter, compared to analysts' expectations of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business's revenue for the quarter was up 21.7% on a year-over-year basis. During the same period last year, the firm earned $0.96 earnings per share. On average, sell-side analysts predict that Onto Innovation Inc. will post 5.22 EPS for the current year.
Analyst Ratings Changes
A number of equities analysts have commented on the company. Needham & Company LLC reduced their price objective on Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Benchmark reiterated a "buy" rating and set a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer raised their price objective on shares of Onto Innovation from $260.00 to $275.00 and gave the company an "outperform" rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group reduced their target price on shares of Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $254.29.
Get Our Latest Stock Analysis on ONTO
Onto Innovation Profile
(
Free Report)
Onto Innovation Inc engages in the design, development, manufacture, and support of process control tools that performs optical metrology. The company offers lithography systems and process control analytical software. It also offers process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements.
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