Onto Innovation Inc. $ONTO Shares Bought by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management boosted its Onto Innovation stake by 81.4% in Q1, buying 29,000 additional shares and bringing its holdings to 64,645 shares worth about $13.3 million.
• Onto Innovation shares rose 1.4% to $321.53, leaving the semiconductor equipment maker with a market cap of $15.99 billion and a 52-week range of $89.40 to $386.46.
• The company recently beat earnings expectations, reporting $1.42 EPS on revenue of $291.95 million, and analysts remain constructive with an average Moderate Buy rating and a $339.60 price target.

Kornitzer Capital Management Inc. KS raised its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 81.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,645 shares of the semiconductor company's stock after purchasing an additional 29,000 shares during the period. Kornitzer Capital Management Inc. KS owned 0.13% of Onto Innovation worth $13,257,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Eagle Rock Investment Company LLC raised its position in Onto Innovation by 99.3% in the fourth quarter. Eagle Rock Investment Company LLC now owns 10,037 shares of the semiconductor company's stock valued at $1,584,000 after purchasing an additional 5,000 shares during the period. CWM LLC lifted its position in Onto Innovation by 361.2% in 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 last quarter. Brevan Howard Capital Management LP purchased a new position in Onto Innovation during the third quarter worth about $3,436,000. Junto Capital Management LP acquired a new stake in shares of Onto Innovation during the third quarter valued at about $39,851,000. Finally, Jain Global LLC increased its position in shares of Onto Innovation by 453.4% during the third quarter. Jain Global LLC now owns 152,617 shares of the semiconductor company's stock valued at $19,721,000 after acquiring an additional 125,037 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Onto Innovation Stock Up 1.4%

ONTO stock traded up $4.51 during midday trading on Friday, hitting $321.53. The company's stock had a trading volume of 903,338 shares, compared to its average volume of 1,417,770. The firm has a 50-day simple moving average of $294.75 and a 200-day simple moving average of $241.98. The firm has a market capitalization of $15.99 billion, a P/E ratio of 150.25, a PEG ratio of 1.29 and a beta of 1.55. Onto Innovation Inc. has a 52-week low of $89.40 and a 52-week high of $386.46.

Onto Innovation (NYSE:ONTO - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.38 by $0.04. The business had revenue of $291.95 million for the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a return on equity of 11.68% and a net margin of 10.32%.The company's revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.51 earnings per share. On average, sell-side analysts expect that Onto Innovation Inc. will post 7.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Stifel Nicolaus set a $350.00 price objective on shares of Onto Innovation and gave the stock a "buy" rating in a report on Friday, April 17th. Weiss Ratings raised Onto Innovation from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, April 27th. Cantor Fitzgerald upped their price target on Onto Innovation from $350.00 to $410.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Deutsche Bank Aktiengesellschaft initiated coverage on Onto Innovation in a research note on Friday, June 5th. They set a "buy" rating and a $350.00 price target on the stock. Finally, B. Riley Financial lifted their price objective on Onto Innovation from $275.00 to $310.00 and gave the company a "buy" rating in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $339.60.

Onto Innovation 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.

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