M&T Bank Corp Cuts Stock Position in Onto Innovation Inc. (NYSE:ONTO)

M&T Bank Corp reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 57.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,379 shares of the semiconductor company's stock after selling 7,205 shares during the period. M&T Bank Corp's holdings in Onto Innovation were worth $652,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Bridge City Capital LLC increased its holdings in Onto Innovation by 1.0% in the fourth quarter. Bridge City Capital LLC now owns 8,165 shares of the semiconductor company's stock valued at $1,361,000 after buying an additional 78 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in Onto Innovation by 2.6% in the first quarter. Crossmark Global Holdings Inc. now owns 3,860 shares of the semiconductor company's stock valued at $468,000 after buying an additional 98 shares in the last quarter. Northwest & Ethical Investments L.P. increased its holdings in Onto Innovation by 9.5% in the fourth quarter. Northwest & Ethical Investments L.P. now owns 1,150 shares of the semiconductor company's stock valued at $191,000 after buying an additional 100 shares in the last quarter. Central Pacific Bank Trust Division increased its holdings in Onto Innovation by 8.7% in the first quarter. Central Pacific Bank Trust Division now owns 1,380 shares of the semiconductor company's stock valued at $167,000 after buying an additional 110 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in Onto Innovation by 6.1% in the first quarter. QRG Capital Management Inc. now owns 2,041 shares of the semiconductor company's stock valued at $248,000 after buying an additional 118 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Up 0.7%

Shares of ONTO traded up $0.72 on Thursday, hitting $98.82. 332,664 shares of the stock traded hands, compared to its average volume of 981,015. The firm has a market capitalization of $4.83 billion, a P/E ratio of 22.25, a P/E/G ratio of 0.65 and a beta of 1.45. The stock's 50 day moving average is $98.25 and its two-hundred day moving average is $134.92. Onto Innovation Inc. has a 1 year low of $85.88 and a 1 year high of $229.76.

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

Analyst Ratings Changes

Several research firms have recently commented on ONTO. Benchmark lowered their price target on shares of Onto Innovation from $230.00 to $190.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Wall Street Zen upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a research report on Saturday, May 17th. Cantor Fitzgerald lowered their price target on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 24th. Oppenheimer lowered their price target on shares of Onto Innovation from $150.00 to $130.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, Stifel Nicolaus lowered their price target 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. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.