Fifth Third Bancorp Acquires 12,652 Shares of Onto Innovation Inc. $ONTO

Fifth Third Bancorp increased its holdings in Onto Innovation Inc. (NYSE:ONTO) by 504.1% in the first quarter, Holdings Channel.com reports. The firm owned 15,162 shares of the semiconductor company’s stock after acquiring an additional 12,652 shares during the period. Fifth Third Bancorp’s holdings in Onto Innovation were worth $3,109,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP boosted its position in Onto Innovation by 1,217.0% during the third quarter. Wellington Management Group LLP now owns 1,398,995 shares of the semiconductor company’s stock valued at $180,778,000 after buying an additional 1,292,772 shares during the period. Franklin Resources Inc. increased its holdings in shares of Onto Innovation by 21.4% in the fourth quarter. Franklin Resources Inc. now owns 1,353,001 shares of the semiconductor company’s stock worth $213,585,000 after buying an additional 238,500 shares during the period. Geode Capital Management LLC lifted its stake in shares of Onto Innovation by 45.4% in the 4th quarter. Geode Capital Management LLC now owns 1,127,532 shares of the semiconductor company’s stock valued at $178,024,000 after acquiring an additional 352,316 shares during the last quarter. Paradigm Capital Management Inc. NY lifted its stake in shares of Onto Innovation by 1.2% in the 4th quarter. Paradigm Capital Management Inc. NY now owns 1,125,838 shares of the semiconductor company’s stock valued at $177,725,000 after acquiring an additional 12,999 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Onto Innovation by 88.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 960,911 shares of the semiconductor company’s stock valued at $151,689,000 after acquiring an additional 451,084 shares during the period. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Stock Performance

ONTO stock opened at $279.05 on Monday. Onto Innovation Inc. has a fifty-two week low of $89.40 and a fifty-two week high of $386.46. The company has a market capitalization of $13.88 billion, a price-to-earnings ratio of 130.40, a price-to-earnings-growth ratio of 1.14 and a beta of 1.55. The business’s 50 day moving average price is $295.47 and its two-hundred day moving average price is $247.37.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.38 by $0.04. The company had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The firm’s revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.51 earnings per share. Sell-side analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ONTO shares. Freedom Capital upgraded Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Wall Street Zen raised Onto Innovation from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Needham & Company LLC lifted their target price on shares of Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Morgan Stanley began coverage on shares of Onto Innovation in a research report on Sunday, June 14th. They set an “overweight” rating and a $371.00 price target for the company. Finally, Oppenheimer raised their price target on shares of Onto Innovation from $370.00 to $450.00 and gave the stock an “outperform” rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $339.60.

Onto Innovation Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.