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

Great Lakes Advisors LLC cut its holdings in Onto Innovation Inc. (NYSE:ONTO) by 18.2% during the second quarter, Holdings Channel reports. The firm owned 99,432 shares of the semiconductor company’s stock after selling 22,163 shares during the quarter. Great Lakes Advisors LLC’s holdings in Onto Innovation were worth $21,831,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC lifted its holdings in shares of Onto Innovation by 6,707.0% in the second quarter. Los Angeles Capital Management LLC now owns 116,332 shares of the semiconductor company’s stock worth $25,542,000 after buying an additional 114,623 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Onto Innovation by 2.0% in the second quarter. Arizona State Retirement System now owns 13,753 shares of the semiconductor company’s stock worth $3,020,000 after purchasing an additional 264 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Onto Innovation by 42.8% in the second quarter. Victory Capital Management Inc. now owns 107,906 shares of the semiconductor company’s stock worth $23,692,000 after buying an additional 32,329 shares in the last quarter. LGT Financial Advisors LLC boosted its stake in Onto Innovation by 58.1% during the second 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 during the last quarter. Finally, Cozad Asset Management Inc. purchased a new position in Onto Innovation during the 2nd quarter valued at approximately $220,000. 98.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, SVP Srinivas Vedula sold 1,275 shares of the company’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 completion of the sale, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on ONTO shares. Benchmark reaffirmed a “buy” rating and set a $230.00 price target on shares of Onto Innovation in a research note on Friday, August 9th. Evercore ISI boosted their price objective on Onto Innovation from $235.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th. B. Riley raised their price objective on Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Jefferies Financial Group started coverage on Onto Innovation in a report on Monday, May 13th. They set a “buy” rating and a $265.00 price target on the stock. Finally, Stifel Nicolaus lifted their price objective on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $259.00.

Onto Innovation Stock Down 5.5 %

ONTO stock traded down $10.36 during trading on Friday, hitting $177.30. The company had a trading volume of 457,189 shares, compared to its average volume of 536,806. Onto Innovation Inc. has a 52-week low of $108.98 and a 52-week high of $238.93. The company has a 50 day simple moving average of $203.81 and a 200-day simple moving average of $200.95. The firm has a market capitalization of $8.74 billion, a P/E ratio of 63.15 and a beta of 1.39.

Onto Innovation (NYSE:ONTO) last issued its earnings results on Thursday, August 8th. The semiconductor company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.12. Onto Innovation had a net margin of 18.50% and a return on equity of 12.71%. The business had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same period last year, the company posted $0.79 earnings per share. The company’s quarterly revenue was up 27.1% compared to the same quarter last year. Sell-side analysts forecast that Onto Innovation Inc. will post 5.11 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.