Bank of America Corp DE Decreases Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Bank of America Corp DE trimmed its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 432,227 shares of the semiconductor company's stock after selling 9,073 shares during the period. Bank of America Corp DE owned approximately 0.88% of Onto Innovation worth $72,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Kestra Investment Management LLC bought a new position in shares of Onto Innovation during the 4th quarter valued at approximately $26,000. Mather Group LLC. increased its position in shares of Onto Innovation by 209.4% during the 4th quarter. Mather Group LLC. now owns 164 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 111 shares during the last quarter. Johnson Financial Group Inc. bought a new position in shares of Onto Innovation during the 4th quarter valued at approximately $38,000. SBI Securities Co. Ltd. bought a new position in shares of Onto Innovation during the 4th quarter valued at approximately $43,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Onto Innovation during the 4th quarter valued at approximately $47,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Trading Up 1.3%

ONTO traded up $1.25 during trading on Friday, hitting $99.29. The company's stock had a trading volume of 1,140,537 shares, compared to its average volume of 899,710. Onto Innovation Inc. has a twelve month low of $85.88 and a twelve month high of $238.93. The business's fifty day simple moving average is $120.86 and its 200 day simple moving average is $155.76. The firm has a market capitalization of $4.85 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.47 by $0.04. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. The company had revenue of $267.00 million for the quarter, compared to analyst estimates of $267.03 million. During the same period last year, the company earned $1.18 earnings per share. Onto Innovation's quarterly revenue was up 16.5% compared to the same quarter last year. As a group, equities research analysts forecast that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ONTO shares. StockNews.com upgraded Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday. Cantor Fitzgerald reissued a "neutral" rating and issued a $135.00 price objective (down from $250.00) on shares of Onto Innovation in a report on Monday, May 5th. Benchmark cut their price objective on Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Jefferies Financial Group cut their price objective on Onto Innovation from $245.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, March 28th. Finally, Needham & Company LLC dropped their target price on Onto Innovation from $230.00 to $150.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $177.14.

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.