Picton Mahoney Asset Management Sells 49,731 Shares of Onto Innovation Inc. (NYSE:ONTO)

Key Points

• Picton Mahoney Asset Management significantly reduced its stake in Onto Innovation by 99.4%, holding only 324 shares after selling 49,731 shares in the first quarter.
• Onto Innovation's stock opened at $94.62 with a market capitalization of $4.62 billion, and it reported quarterly earnings of $1.51 per share, beating estimates.
• Major analyst rating changes include revised price targets, with Needham & Company lowering their target from $230.00 to $150.00, while maintaining a "buy" rating.

Picton Mahoney Asset Management lessened its stake in Onto Innovation Inc. (NYSE:ONTO - Free Report) by 99.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 324 shares of the semiconductor company's stock after selling 49,731 shares during the quarter. Picton Mahoney Asset Management's holdings in Onto Innovation were worth $39,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Onto Innovation in the fourth quarter valued at approximately $87,987,000. Massachusetts Financial Services Co. MA increased its stake in Onto Innovation by 48.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,291,415 shares of the semiconductor company's stock worth $156,700,000 after acquiring an additional 421,165 shares during the period. Invesco Ltd. increased its stake in Onto Innovation by 33.9% during the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock worth $234,344,000 after acquiring an additional 356,161 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in Onto Innovation during the 1st quarter worth $31,175,000. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Onto Innovation by 8,504.1% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 222,330 shares of the semiconductor company's stock valued at $37,056,000 after purchasing an additional 219,746 shares in the last quarter. Institutional investors own 98.35% of the company's stock.

Onto Innovation Stock Down 0.5%

Shares of ONTO traded down $0.48 during trading hours on Friday, hitting $94.27. The company had a trading volume of 1,402,756 shares, compared to its average volume of 972,521. Onto Innovation Inc. has a 52-week low of $85.88 and a 52-week high of $228.42. The firm has a market cap of $4.60 billion, a P/E ratio of 21.33, a P/E/G ratio of 0.62 and a beta of 1.45. The stock's 50 day moving average price is $98.12 and its 200 day moving average price is $127.85.

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 for the quarter, beating the consensus estimate of $1.47 by $0.04. Onto Innovation had a return on equity of 14.85% and a net margin of 21.36%. The business had revenue of $267.00 million for the quarter, compared to analysts' expectations of $267.03 million. During the same period in the previous year, the firm posted $1.18 EPS. The business's revenue was up 16.5% on a year-over-year basis. On average, research analysts expect that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Stifel Nicolaus cut their price objective 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 research report on Saturday, May 17th. Needham & Company LLC lowered their price objective on Onto Innovation from $230.00 to $150.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Cantor Fitzgerald reduced their price target on shares of Onto Innovation from $110.00 to $90.00 and set a "neutral" rating for the company in a research report on Tuesday, June 24th. Finally, Benchmark decreased their price objective on Onto Innovation from $230.00 to $190.00 and set a "buy" rating for the company in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Onto Innovation currently has a consensus rating of "Moderate Buy" and a consensus price target of $141.67.

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.