The Manufacturers Life Insurance Company Grows Stake in Onto Innovation Inc. (NYSE:ONTO)

The Manufacturers Life Insurance Company increased its stake in shares of Onto Innovation Inc. (NYSE:ONTO - Free Report) by 32.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 246,983 shares of the semiconductor company's stock after acquiring an additional 61,107 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.50% of Onto Innovation worth $41,165,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ONTO. Vanguard Group Inc. boosted its position in shares of Onto Innovation by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 5,166,137 shares of the semiconductor company's stock valued at $861,040,000 after acquiring an additional 76,233 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Onto Innovation by 9.2% during the fourth quarter. JPMorgan Chase & Co. now owns 2,192,238 shares of the semiconductor company's stock valued at $365,380,000 after purchasing an additional 183,839 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Onto Innovation by 21.2% in the 4th quarter. Franklin Resources Inc. now owns 1,553,271 shares of the semiconductor company's stock worth $258,883,000 after buying an additional 271,470 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Onto Innovation by 41.6% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,515,152 shares of the semiconductor company's stock worth $252,530,000 after buying an additional 444,860 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Onto Innovation by 33.9% during the 4th quarter. Invesco Ltd. now owns 1,406,034 shares of the semiconductor company's stock valued at $234,344,000 after buying an additional 356,161 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ONTO has been the topic of several analyst reports. StockNews.com raised Onto Innovation from a "sell" rating to a "hold" rating in a research note on Thursday, February 27th. Oppenheimer decreased their price target on Onto Innovation from $240.00 to $150.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $135.00 price objective (down from $250.00) on shares of Onto Innovation in a research note on Monday. Stifel Nicolaus cut their price objective 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. Finally, Needham & Company LLC restated a "buy" rating and issued a $230.00 target price on shares of Onto Innovation in a report on Friday, February 7th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $203.75.

Onto Innovation Price Performance

Shares of NYSE:ONTO traded down $1.98 during trading on Tuesday, reaching $122.42. 99,822 shares of the company were exchanged, compared to its average volume of 804,047. The business's fifty day simple moving average is $126.08 and its 200-day simple moving average is $161.98. Onto Innovation Inc. has a 12-month low of $98.21 and a 12-month high of $238.93. The firm has a market capitalization of $5.98 billion, a PE ratio of 30.16, a P/E/G ratio of 0.89 and a beta of 1.55.

Onto Innovation (NYSE:ONTO - Get Free Report) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.10. Onto Innovation had a return on equity of 14.24% and a net margin of 20.43%. On average, sell-side analysts anticipate that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

About Onto Innovation

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.