Concentric Capital Strategies LP Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

Concentric Capital Strategies LP acquired a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 9,795 shares of the semiconductor company's stock, valued at approximately $1,633,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Onto Innovation by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock worth $861,040,000 after buying an additional 76,233 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Onto Innovation by 9.2% in the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock valued at $365,380,000 after purchasing an additional 183,839 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Onto Innovation by 21.2% during the fourth quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock valued at $258,883,000 after purchasing an additional 271,470 shares in the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Onto Innovation by 41.6% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock valued at $252,530,000 after purchasing an additional 444,860 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Onto Innovation by 33.9% during the fourth quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock worth $234,344,000 after purchasing an additional 356,161 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on ONTO. Stifel Nicolaus dropped their target price on shares of Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Cantor Fitzgerald reissued a "neutral" rating and issued a $135.00 price objective (down previously from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Benchmark decreased their target price on Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a research report on Friday. StockNews.com cut Onto Innovation from a "hold" rating to a "sell" rating in a research note on Friday. Finally, Oppenheimer reduced their price target on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Onto Innovation presently has an average rating of "Moderate Buy" and an average price target of $186.25.

Onto Innovation Price Performance

Shares of ONTO traded down $38.31 during trading hours on Friday, hitting $88.50. The company's stock had a trading volume of 8,576,820 shares, compared to its average volume of 842,450. The business has a 50 day simple moving average of $124.11 and a two-hundred day simple moving average of $160.08. Onto Innovation Inc. has a 52-week low of $85.88 and a 52-week high of $238.93. The company has a market cap of $4.32 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.47 by $0.04. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. The business had revenue of $267.00 million for the quarter, compared to analysts' expectations of $267.03 million. During the same quarter in the previous year, the firm posted $1.18 EPS. The business's revenue for the quarter was up 16.5% compared to the same quarter last year. Research analysts predict that Onto Innovation Inc. will post 6.26 earnings per share for the current year.

About Onto Innovation

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.