Impax Asset Management Group plc Reduces Holdings in Onto Innovation Inc. (NYSE:ONTO)

Impax Asset Management Group plc lessened its stake in Onto Innovation Inc. (NYSE:ONTO) by 14.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 92,057 shares of the semiconductor company’s stock after selling 15,000 shares during the period. Impax Asset Management Group plc owned about 0.19% of Onto Innovation worth $19,107,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ONTO. Quarry LP raised its position in Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 79 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. LGT Financial Advisors LLC grew its stake in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 90 shares in the last quarter. Fifth Third Bancorp boosted its position in Onto Innovation by 40.2% during the second quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 84 shares during the period. Finally, Eastern Bank bought a new stake in Onto Innovation during the third quarter worth approximately $65,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ONTO. Benchmark restated a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research note on Friday, November 1st. Oppenheimer increased their target price on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Needham & Company LLC decreased their price target on Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Stifel Nicolaus lifted their price objective on Onto Innovation from $240.00 to $270.00 and gave the company a “buy” rating in a report on Monday, July 15th. Finally, Jefferies Financial Group reduced their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Insider Transactions at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Onto Innovation Stock Down 2.6 %

Onto Innovation stock traded down $4.57 during mid-day trading on Friday, reaching $171.72. 224,693 shares of the company’s stock were exchanged, compared to its average volume of 576,506. The business’s fifty day simple moving average is $200.49 and its 200 day simple moving average is $206.65. The firm has a market capitalization of $8.48 billion, a PE ratio of 46.82, a P/E/G ratio of 1.11 and a beta of 1.37. Onto Innovation Inc. has a one year low of $118.90 and a one year high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The business had revenue of $252.20 million during the quarter, compared to analysts’ expectations of $250.85 million. During the same period in the previous year, the business earned $0.96 earnings per share. The firm’s revenue was up 21.7% on a year-over-year basis. On average, sell-side analysts forecast that Onto Innovation Inc. will post 5.19 earnings per share for the current 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.