Bank of New York Mellon Corp Trims Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Bank of New York Mellon Corp decreased its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 15.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 442,191 shares of the semiconductor company's stock after selling 79,249 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.91% of Onto Innovation worth $53,655,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Johnson Financial Group Inc. purchased a new stake in shares of Onto Innovation during the fourth quarter worth about $38,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Onto Innovation by 177.6% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 236 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 151 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Onto Innovation during the fourth quarter worth about $47,000. Versant Capital Management Inc grew its position in shares of Onto Innovation by 165.0% during the first quarter. Versant Capital Management Inc now owns 620 shares of the semiconductor company's stock worth $75,000 after purchasing an additional 386 shares in the last quarter. Finally, Huntington National Bank grew its position in shares of Onto Innovation by 73.0% during the fourth quarter. Huntington National Bank now owns 732 shares of the semiconductor company's stock worth $122,000 after purchasing an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analysts Set New Price Targets

ONTO has been the subject of several research analyst reports. Wall Street Zen upgraded Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday, May 17th. Oppenheimer cut their price target on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Benchmark cut their price target on Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a report on Friday, May 9th. Needham & Company LLC cut their price target on Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Cantor Fitzgerald cut their price target on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a report on Tuesday, June 24th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $141.67.

Onto Innovation Price Performance

NYSE ONTO opened at $101.85 on Friday. The stock has a market capitalization of $4.97 billion, a PE ratio of 23.04, a P/E/G ratio of 0.66 and a beta of 1.45. Onto Innovation Inc. has a 1-year low of $85.88 and a 1-year high of $238.93. The business has a 50 day simple moving average of $99.76 and a two-hundred day simple moving average of $136.17.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.04. The business had revenue of $267.00 million during the quarter, compared to analyst estimates of $267.03 million. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The company's revenue for the quarter was up 16.5% on a year-over-year basis. During the same period last year, the company earned $1.18 EPS. On average, analysts anticipate that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

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.

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