Great Lakes Advisors LLC Cuts Position in Onto Innovation Inc. (NYSE:ONTO)

Great Lakes Advisors LLC cut its stake in Onto Innovation Inc. (NYSE:ONTO) by 4.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 89,864 shares of the semiconductor company’s stock after selling 4,172 shares during the period. Great Lakes Advisors LLC owned about 0.18% of Onto Innovation worth $14,978,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ONTO. Citigroup Inc. grew its position in Onto Innovation by 811.7% in the third quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock worth $66,236,000 after acquiring an additional 284,115 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Onto Innovation in the fourth quarter worth $43,893,000. Proficio Capital Partners LLC bought a new stake in Onto Innovation in the fourth quarter worth $41,946,000. JPMorgan Chase & Co. lifted its stake in Onto Innovation by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock worth $416,863,000 after purchasing an additional 228,800 shares during the last quarter. Finally, Barclays PLC lifted its stake in Onto Innovation by 1,296.7% in the third quarter. Barclays PLC now owns 217,190 shares of the semiconductor company’s stock worth $45,079,000 after purchasing an additional 201,640 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on ONTO shares. Oppenheimer lowered their price target on shares of Onto Innovation from $275.00 to $240.00 and set an “outperform” rating for the company in a research note on Thursday, February 20th. Stifel Nicolaus lowered their price target on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research note on Friday, February 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $250.00 price target on shares of Onto Innovation in a research note on Friday, February 7th. Finally, StockNews.com raised shares of Onto Innovation from a “sell” rating to a “hold” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Onto Innovation presently has a consensus rating of “Moderate Buy” and a consensus price target of $246.88.

Onto Innovation Trading Up 7.6 %

Shares of NYSE:ONTO opened at $134.00 on Thursday. The company has a market cap of $6.60 billion, a price-to-earnings ratio of 33.01, a price-to-earnings-growth ratio of 0.89 and a beta of 1.29. The company has a 50-day moving average price of $178.96 and a 200-day moving average price of $184.01. Onto Innovation Inc. has a 12 month low of $121.47 and a 12 month high of $238.93.

Onto Innovation (NYSE:ONTO) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. As a group, research analysts forecast that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael P. Plisinski sold 35,000 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $219.19, for a total value of $7,671,650.00. Following the completion of the transaction, the chief executive officer now directly owns 150,492 shares of the company’s stock, valued at $32,986,341.48. This represents a 18.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Srinivas Vedula sold 827 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $205.00, for a total transaction of $169,535.00. Following the completion of the sale, the senior vice president now owns 15,223 shares in the company, valued at approximately $3,120,715. This trade represents a 5.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 85,827 shares of company stock valued at $18,182,185 over the last three months. Corporate insiders own 0.72% of the company’s stock.

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.