Amundi Lowers Stake in Onto Innovation Inc. $ONTO

Key Points

• Amundi reduced its Onto Innovation stake by 6.6% in the first quarter, selling 9,256 shares and retaining 130,684 shares valued at approximately $26.8 million.
• Other institutional investors—including Goldman Sachs, UBS Asset Management and Russell Investments— increased their holdings, while hedge funds and institutions collectively owned 98.35% of ONTO.
• Onto Innovation beat quarterly EPS estimates with $1.42 versus $1.38 expected, while revenue rose 9.5% year over year. Analysts maintain a consensus “Buy” rating with an average price target of $339.60.

Amundi cut its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 6.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 130,684 shares of the semiconductor company's stock after selling 9,256 shares during the quarter. Amundi owned about 0.26% of Onto Innovation worth $26,799,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. NewEdge Advisors LLC increased its position in Onto Innovation by 312.5% in the 1st quarter. NewEdge Advisors LLC now owns 4,121 shares of the semiconductor company's stock valued at $500,000 after acquiring an additional 3,122 shares during the period. Goldman Sachs Group Inc. lifted its position in Onto Innovation by 76.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 482,256 shares of the semiconductor company's stock worth $58,517,000 after acquiring an additional 208,907 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Onto Innovation by 8.8% during the 1st 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 grew its stake in shares of Onto Innovation by 6.3% in the 2nd quarter. Cetera Investment Advisers now owns 4,017 shares of the semiconductor company's stock valued at $405,000 after purchasing an additional 238 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Onto Innovation by 182.4% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,631 shares of the semiconductor company's stock valued at $666,000 after purchasing an additional 4,283 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Trading Up 4.2%

ONTO stock opened at $269.49 on Tuesday. The company's 50-day moving average price is $295.32 and its 200 day moving average price is $254.31. Onto Innovation Inc. has a 52 week low of $89.40 and a 52 week high of $386.46. The company has a market cap of $13.41 billion, a P/E ratio of 125.93, a P/E/G ratio of 1.06 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results 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 during the quarter, compared to analysts' expectations of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The firm's quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $1.51 earnings per share. On average, equities research analysts expect that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on ONTO. Evercore restated an "outperform" rating and set a $315.00 price objective on shares of Onto Innovation in a research report on Friday, April 17th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $350.00 target price on shares of Onto Innovation in a report on Wednesday, May 6th. Stifel Nicolaus set a $350.00 price target on shares of Onto Innovation and gave the stock a "buy" rating in a research note on Friday, April 17th. Freedom Capital raised shares of Onto Innovation to a "strong-buy" rating in a report on Wednesday, June 17th. Finally, Wall Street Zen downgraded shares of Onto Innovation from a "buy" rating to a "hold" rating in a research report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $339.60.

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.

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