Hunter Perkins Capital Management LLC Reduces Position in Onto Innovation Inc. (NYSE:ONTO)

Hunter Perkins Capital Management LLC decreased its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 38.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,245 shares of the semiconductor company’s stock after selling 1,430 shares during the quarter. Hunter Perkins Capital Management LLC’s holdings in Onto Innovation were worth $493,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ONTO. Fidelis Capital Partners LLC purchased a new stake in Onto Innovation during the 1st quarter valued at about $28,000. GAMMA Investing LLC purchased a new stake in Onto Innovation in the 4th quarter worth approximately $33,000. Rise Advisors LLC acquired a new stake in Onto Innovation during the first quarter valued at $38,000. Parallel Advisors LLC boosted its position in Onto Innovation by 43.0% during the fourth quarter. Parallel Advisors LLC now owns 366 shares of the semiconductor company’s stock worth $56,000 after purchasing an additional 110 shares in the last quarter. Finally, USA Financial Formulas grew its stake in Onto Innovation by 1,990.9% in the 4th quarter. USA Financial Formulas now owns 460 shares of the semiconductor company’s stock valued at $70,000 after acquiring an additional 438 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Onto Innovation Price Performance

Shares of ONTO stock traded down $1.74 on Friday, hitting $209.14. The stock had a trading volume of 279,716 shares, compared to its average volume of 550,309. The company’s 50 day moving average price is $208.92 and its 200-day moving average price is $196.99. Onto Innovation Inc. has a 1 year low of $108.44 and a 1 year high of $238.93. The firm has a market capitalization of $10.31 billion, a P/E ratio of 75.05 and a beta of 1.39.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.12. The business had revenue of $242.33 million for the quarter, compared to analysts’ expectations of $235.43 million. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The business’s quarterly revenue was up 27.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 earnings per share. On average, equities analysts forecast that Onto Innovation Inc. will post 5.05 EPS for the current year.

Wall Street Analyst Weigh In

ONTO has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research note on Friday, August 9th. Stifel Nicolaus increased their price objective on Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Evercore ISI lifted their target price on Onto Innovation from $235.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, May 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Onto Innovation in a research note on Friday, May 10th. Finally, B. Riley raised their price objective on Onto Innovation from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $259.00.

Insiders Place Their Bets

In related news, SVP Srinivas Vedula sold 1,486 shares of Onto Innovation stock in a transaction on Monday, June 10th. The stock was sold at an average price of $213.40, for a total value of $317,112.40. Following the completion of the transaction, the senior vice president now directly owns 17,433 shares in the company, valued at $3,720,202.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Srinivas Vedula sold 1,486 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $213.40, for a total value of $317,112.40. Following the sale, the senior vice president now owns 17,433 shares of the company’s stock, valued at $3,720,202.20. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Slicer sold 519 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $221.21, for a total transaction of $114,807.99. Following the completion of the sale, the chief financial officer now directly owns 12,552 shares in the company, valued at $2,776,627.92. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

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.