Federated Hermes Inc. Grows Stock Position in Onto Innovation Inc. (NYSE:ONTO)

Key Points

• Federated Hermes Inc. increased its ownership of Onto Innovation Inc. by 930.7% during the first quarter, now holding approximately 88,286 shares valued at $10.71 million.
• Onto Innovation's stock reported a 0.5% decline, with a current price of $94.27, significantly below its 52-week high of $228.42.
• The latest earnings report showed Onto Innovation had an EPS of $1.51, exceeding estimates, and a 16.5% revenue growth compared to the same quarter last year.

Federated Hermes Inc. raised its holdings in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 930.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 88,286 shares of the semiconductor company's stock after buying an additional 79,720 shares during the quarter. Federated Hermes Inc. owned about 0.18% of Onto Innovation worth $10,713,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jennison Associates LLC boosted its holdings in shares of Onto Innovation by 2.9% in the 1st quarter. Jennison Associates LLC now owns 3,142 shares of the semiconductor company's stock valued at $381,000 after acquiring an additional 90 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Onto Innovation by 2.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 3,860 shares of the semiconductor company's stock valued at $468,000 after acquiring an additional 98 shares during the last quarter. Peterson Wealth Services boosted its holdings in shares of Onto Innovation by 2.2% in the 1st quarter. Peterson Wealth Services now owns 4,585 shares of the semiconductor company's stock valued at $556,000 after acquiring an additional 98 shares during the last quarter. Berbice Capital Management LLC boosted its holdings in shares of Onto Innovation by 33.3% in the 1st quarter. Berbice Capital Management LLC now owns 400 shares of the semiconductor company's stock valued at $49,000 after acquiring an additional 100 shares during the last quarter. Finally, State of Michigan Retirement System boosted its holdings in shares of Onto Innovation by 0.9% in the 1st quarter. State of Michigan Retirement System now owns 11,800 shares of the semiconductor company's stock valued at $1,432,000 after acquiring an additional 100 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Down 0.5%

NYSE:ONTO opened at $94.27 on Friday. Onto Innovation Inc. has a 52 week low of $85.88 and a 52 week high of $228.42. The company has a market capitalization of $4.60 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.61 and a beta of 1.44. The stock's fifty day moving average is $98.12 and its two-hundred day moving average is $127.32.

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 firm had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The company's quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.18 EPS. Sell-side analysts anticipate that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on ONTO shares. Oppenheimer dropped their target price on Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Stifel Nicolaus dropped their target price on Onto Innovation from $200.00 to $180.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen raised Onto Innovation from a "sell" rating to a "hold" rating in a report on Saturday, May 17th. Jefferies Financial Group set a $110.00 target price on Onto Innovation and gave the stock a "hold" rating in a report on Tuesday, May 20th. Finally, Cantor Fitzgerald dropped their target price on Onto Innovation from $110.00 to $90.00 and set a "neutral" rating on the stock in a report on Tuesday, June 24th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $141.67.

Onto Innovation Company 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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