Bank of New York Mellon Corp Cuts Stock Position in Onto Innovation Inc. $ONTO

Bank of New York Mellon Corp lessened its holdings in Onto Innovation Inc. (NYSE:ONTO) by 5.5% in the first quarter, Holdings Channel reports. The firm owned 567,805 shares of the semiconductor company’s stock after selling 32,988 shares during the period. Bank of New York Mellon Corp’s holdings in Onto Innovation were worth $116,440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. NewEdge Advisors LLC grew its position in Onto Innovation by 312.5% during the first quarter. NewEdge Advisors LLC now owns 4,121 shares of the semiconductor company’s stock valued at $500,000 after buying an additional 3,122 shares during the period. Goldman Sachs Group Inc. increased its holdings in Onto Innovation by 76.4% during the first quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company’s stock worth $58,517,000 after buying an additional 208,907 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Onto Innovation by 8.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 163,259 shares of the semiconductor company’s stock worth $19,810,000 after acquiring an additional 13,175 shares during the period. Cetera Investment Advisers boosted its stake in Onto Innovation by 6.3% in the second quarter. Cetera Investment Advisers now owns 4,017 shares of the semiconductor company’s stock valued at $405,000 after acquiring an additional 238 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Onto Innovation by 182.4% in the second quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company’s stock valued at $666,000 after acquiring an additional 4,283 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ONTO shares. Zacks Research upgraded shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Freedom Capital upgraded Onto Innovation to a “strong-buy” rating in a research note on Wednesday, June 17th. B. Riley Financial increased their price objective on Onto Innovation from $275.00 to $310.00 and gave the company a “buy” rating in a report on Monday, April 13th. Needham & Company LLC raised their target price on Onto Innovation from $320.00 to $330.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $350.00 target price on shares of Onto Innovation in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $339.60.

Onto Innovation Price Performance

Onto Innovation stock opened at $278.45 on Tuesday. The firm has a market capitalization of $13.85 billion, a P/E ratio of 130.12, a PEG ratio of 1.14 and a beta of 1.55. Onto Innovation Inc. has a one year low of $89.40 and a one year high of $386.46. The business has a fifty day moving average price of $295.27 and a 200-day moving average price of $248.20.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.51 EPS. Sell-side analysts expect that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Onto Innovation Company 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.