Pitcairn Co. Cuts Holdings in Onto Innovation Inc. (NYSE:ONTO)

Pitcairn Co. trimmed its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 19.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,437 shares of the semiconductor company’s stock after selling 1,345 shares during the period. Pitcairn Co.’s holdings in Onto Innovation were worth $985,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fidelis Capital Partners LLC purchased a new position in shares of Onto Innovation during the 1st quarter worth approximately $28,000. Fifth Third Bancorp raised its stake in shares of Onto Innovation by 198.3% during the 4th quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company’s stock worth $26,000 after buying an additional 115 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Onto Innovation during the 4th quarter worth approximately $33,000. Rise Advisors LLC acquired a new stake in shares of Onto Innovation in the 1st quarter worth approximately $38,000. Finally, Parallel Advisors LLC grew its holdings in shares of Onto Innovation by 43.0% in the 4th quarter. Parallel Advisors LLC now owns 366 shares of the semiconductor company’s stock worth $56,000 after acquiring an additional 110 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Stock Down 4.4 %

Onto Innovation stock traded down $8.79 during mid-day trading on Thursday, hitting $189.14. The company’s stock had a trading volume of 1,034,366 shares, compared to its average volume of 521,197. The stock has a market capitalization of $9.32 billion, a P/E ratio of 68.52 and a beta of 1.39. Onto Innovation Inc. has a twelve month low of $105.58 and a twelve month high of $238.93. The stock’s fifty day moving average price is $221.91 and its two-hundred day moving average price is $193.84.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, May 9th. The semiconductor company reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.08. Onto Innovation had a net margin of 16.43% and a return on equity of 11.48%. The company had revenue of $228.80 million for the quarter, compared to the consensus estimate of $222.60 million. During the same period in the previous year, the business earned $0.92 EPS. The company’s revenue was up 14.9% on a year-over-year basis. Equities analysts expect that Onto Innovation Inc. will post 5.05 earnings per share for the current year.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

ONTO has been the topic of a number of analyst reports. Benchmark increased their target price on Onto Innovation from $180.00 to $230.00 and gave the company a “buy” rating in a report on Friday, May 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Onto Innovation in a research report on Friday, May 10th. Evercore ISI raised their price objective on Onto Innovation from $235.00 to $250.00 and gave the company an “outperform” rating in a research report 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 report on Thursday, June 20th. Finally, Jefferies Financial Group started coverage on Onto Innovation in a research note on Monday, May 13th. They set a “buy” rating and a $265.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus price target of $259.00.

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.