Quantbot Technologies LP Makes New Investment in Onto Innovation Inc. (NYSE:ONTO)

Quantbot Technologies LP purchased a new position in shares of Onto Innovation Inc. (NYSE:ONTO) during the 3rd quarter, Holdings Channel reports. The fund purchased 20,025 shares of the semiconductor company’s stock, valued at approximately $4,156,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP raised its holdings in shares of Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 108 shares during the last quarter. LGT Financial Advisors LLC lifted its position in Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 90 shares during the last quarter. Fifth Third Bancorp lifted 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 acquiring an additional 84 shares during the last quarter. Finally, Eastern Bank acquired a new stake in Onto Innovation during the third quarter worth approximately $65,000. 98.35% of the stock is owned by institutional investors.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now owns 16,050 shares in the company, valued at $3,326,202. This trade represents a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.72% of the company’s stock.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $162.90 on Wednesday. The company’s 50 day simple moving average is $193.11 and its 200 day simple moving average is $204.06. The stock has a market capitalization of $8.05 billion, a price-to-earnings ratio of 44.15, a price-to-earnings-growth ratio of 1.05 and a beta of 1.37. Onto Innovation Inc. has a 1 year low of $134.11 and a 1 year high of $238.93.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The firm had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. During the same quarter last year, the business posted $0.96 earnings per share. The company’s quarterly revenue was up 21.7% on a year-over-year basis. As a group, analysts anticipate that Onto Innovation Inc. will post 5.22 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ONTO shares. Benchmark restated a “buy” rating and set a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer raised their target price on shares of 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 lowered their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Jefferies Financial Group decreased their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Onto Innovation presently has an average rating of “Moderate Buy” and an average target price of $254.29.

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.