Illinois Municipal Retirement Fund Sells 24,314 Shares of Onto Innovation Inc. (NYSE:ONTO)

Illinois Municipal Retirement Fund cut its holdings in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 83.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,865 shares of the semiconductor company's stock after selling 24,314 shares during the period. Illinois Municipal Retirement Fund's holdings in Onto Innovation were worth $744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Fifth Third Bancorp raised its holdings in shares of Onto Innovation by 198.3% during the fourth quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 115 shares during the period. Contravisory Investment Management Inc. acquired a new stake in shares of Onto Innovation during the fourth quarter valued at approximately $28,000. Huntington National Bank raised its holdings in shares of Onto Innovation by 70.3% during the third quarter. Huntington National Bank now owns 247 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 102 shares during the period. Operose Advisors LLC acquired a new stake in shares of Onto Innovation during the third quarter valued at approximately $49,000. Finally, Lindbrook Capital LLC raised its holdings in shares of Onto Innovation by 188.5% during the fourth quarter. Lindbrook Capital LLC now owns 577 shares of the semiconductor company's stock valued at $88,000 after acquiring an additional 377 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Michael P. Plisinski sold 40,000 shares of the firm's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the transaction, the chief executive officer now owns 235,492 shares in the company, valued at approximately $41,324,136.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Michael P. Plisinski sold 40,000 shares of the firm's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $175.48, for a total value of $7,019,200.00. Following the transaction, the chief executive officer now directly owns 235,492 shares in the company, valued at approximately $41,324,136.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Brian Miller sold 2,800 shares of the firm's stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total transaction of $477,372.00. Following the completion of the transaction, the director now owns 9,008 shares in the company, valued at $1,535,773.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,170 shares of company stock worth $8,266,955. 0.72% of the stock is owned by corporate insiders.

Onto Innovation Stock Performance

Shares of Onto Innovation stock traded down $4.78 during midday trading on Tuesday, reaching $185.44. 759,715 shares of the company's stock traded hands, compared to its average volume of 422,415. The company has a market cap of $9.11 billion, a price-to-earnings ratio of 75.38 and a beta of 1.40. The company's 50 day simple moving average is $182.39 and its 200 day simple moving average is $157.63. Onto Innovation Inc. has a 52 week low of $80.17 and a 52 week high of $199.72.

Onto Innovation (NYSE:ONTO - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.07. The business had revenue of $219.00 million for the quarter, compared to the consensus estimate of $209.06 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. Onto Innovation's revenue for the quarter was down 13.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 EPS. As a group, equities research analysts predict that Onto Innovation Inc. will post 4.7 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Benchmark boosted their price target on shares of Onto Innovation from $145.00 to $180.00 and gave the company a "buy" rating in a report on Friday, February 9th. StockNews.com upgraded shares of Onto Innovation from a "sell" rating to a "hold" rating in a report on Monday, February 12th. Evercore ISI assumed coverage on shares of Onto Innovation in a research note on Tuesday, April 16th. They issued an "outperform" rating and a $235.00 price objective on the stock. B. Riley upped their price objective on shares of Onto Innovation from $195.00 to $205.00 and gave the company a "buy" rating in a research note on Friday, February 9th. Finally, Stifel Nicolaus upped their price objective on shares of Onto Innovation from $188.00 to $215.00 and gave the company a "buy" rating in a research note on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Onto Innovation currently has an average rating of "Moderate Buy" and a consensus price target of $191.60.

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.