Bank of Nova Scotia Purchases Shares of 14,978 Onto Innovation Inc. $ONTO

Key Points

• Bank of Nova Scotia purchased 14,978 Onto Innovation shares in the first quarter, valued at approximately $3.07 million. Institutional investors collectively own 98.35% of the company.
• Onto Innovation shares recently traded at $241.65, down 7.9%, with a market capitalization of about $12.02 billion. The stock has a 12-month range of $89.40 to $386.46.
• The company exceeded quarterly earnings expectations, reporting $1.42 in EPS versus the $1.38 consensus, while revenue rose 9.5% year over year to $291.95 million. Analysts maintain a consensus “Buy” rating with an average price target of $339.60.

Bank of Nova Scotia purchased a new position in Onto Innovation Inc. (NYSE:ONTO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 14,978 shares of the semiconductor company's stock, valued at approximately $3,072,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. CWM LLC lifted its position in Onto Innovation by 361.2% during the fourth quarter. CWM LLC now owns 20,068 shares of the semiconductor company's stock valued at $3,168,000 after buying an additional 15,717 shares during the period. M&T Bank Corp lifted its stake in shares of Onto Innovation by 11,228.9% in the fourth quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company's stock worth $53,848,000 after buying an additional 338,101 shares in the last quarter. Fideuram Asset Management Ireland dac purchased a new stake in shares of Onto Innovation during the fourth quarter valued at $1,583,000. Allspring Global Investments Holdings LLC lifted its stake in Onto Innovation by 148.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 271,610 shares of the semiconductor company's stock valued at $45,052,000 after acquiring an additional 162,433 shares during the period. Finally, Ticino Wealth purchased a new stake in shares of Onto Innovation during the 4th quarter valued at about $3,286,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Trading Down 7.9%

Shares of ONTO stock opened at $241.65 on Wednesday. Onto Innovation Inc. has a 12 month low of $89.40 and a 12 month high of $386.46. The stock has a market cap of $12.02 billion, a P/E ratio of 112.92, a P/E/G ratio of 1.07 and a beta of 1.55. The company has a 50 day simple moving average of $296.39 and a two-hundred day simple moving average of $252.63.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.38 by $0.04. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. The business had revenue of $291.95 million for the quarter, compared to analysts' expectations of $292.00 million. During the same quarter last year, the company posted $1.51 EPS. The company's revenue was up 9.5% compared to the same quarter last year. As a group, equities analysts forecast that Onto Innovation Inc. will post 7.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ONTO. Cantor Fitzgerald boosted their price objective on shares of Onto Innovation from $350.00 to $410.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Onto Innovation in a research report on Friday. Zacks Research raised shares of Onto Innovation from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. B. Riley Financial boosted their target price on shares of Onto Innovation from $275.00 to $310.00 and gave the company a "buy" rating in a research note on Monday, April 13th. Finally, Stifel Nicolaus set a $350.00 price target on Onto Innovation and gave the company a "buy" rating in a report on Friday, April 17th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Onto Innovation presently 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.

Want to see what other hedge funds are holding ONTO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Onto Innovation Inc. (NYSE:ONTO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.