Wellington Management Group LLP Decreases Stake in Onto Innovation Inc. (NYSE:ONTO)

Wellington Management Group LLP cut its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 36.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 473,254 shares of the semiconductor company's stock after selling 273,710 shares during the quarter. Wellington Management Group LLP owned approximately 0.96% of Onto Innovation worth $98,229,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Quarry LP grew its stake in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company's stock worth $27,000 after buying an additional 108 shares during the period. LGT Financial Advisors LLC lifted its position in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company's stock worth $54,000 after buying an additional 90 shares during the period. Fifth Third Bancorp grew its holdings in Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company's stock valued at $64,000 after buying an additional 84 shares during the period. Finally, Eastern Bank acquired a new position in shares of Onto Innovation during the 3rd quarter valued at about $65,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Onto Innovation Stock Down 3.4 %

Shares of ONTO stock traded down $5.74 during mid-day trading on Tuesday, reaching $163.25. The company's stock had a trading volume of 628,523 shares, compared to its average volume of 597,666. The company's 50 day simple moving average is $186.36 and its 200-day simple moving average is $200.23. Onto Innovation Inc. has a 12-month low of $134.11 and a 12-month high of $238.93. The firm has a market capitalization of $8.06 billion, a PE ratio of 44.27, a price-to-earnings-growth ratio of 1.08 and a beta of 1.30.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The company had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same period last year, the company posted $0.96 earnings per share. The firm's revenue was up 21.7% compared to the same quarter last year. As a group, research analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ONTO. Needham & Company LLC decreased their target price on shares of Onto Innovation from $245.00 to $230.00 and set a "buy" rating on the stock in a research report on Friday, November 1st. Benchmark reiterated a "buy" rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer upped their price objective on Onto Innovation from $260.00 to $275.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Finally, Jefferies Financial Group reduced their target price on Onto Innovation from $265.00 to $245.00 and set a "buy" rating on the stock in a report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $254.29.

Onto Innovation Profile

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.