Bank of America Corp DE Sells 9,073 Shares of Onto Innovation Inc. (NYSE:ONTO)

Bank of America Corp DE lowered its stake in Onto Innovation Inc. (NYSE:ONTO) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 432,227 shares of the semiconductor company’s stock after selling 9,073 shares during the quarter. Bank of America Corp DE owned approximately 0.88% of Onto Innovation worth $72,039,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kestra Investment Management LLC acquired a new position in Onto Innovation in the 4th quarter valued at approximately $26,000. Mather Group LLC. lifted its stake in shares of Onto Innovation by 209.4% in the fourth quarter. Mather Group LLC. now owns 164 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 111 shares in the last quarter. Johnson Financial Group Inc. bought a new position in shares of Onto Innovation in the fourth quarter valued at $38,000. SBI Securities Co. Ltd. bought a new position in shares of Onto Innovation in the fourth quarter valued at $43,000. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Onto Innovation in the fourth quarter valued at $47,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on ONTO. Cantor Fitzgerald reissued a “neutral” rating and set a $135.00 price target (down from $250.00) on shares of Onto Innovation in a research report on Monday, May 5th. Jefferies Financial Group lowered their price target on shares of Onto Innovation from $245.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, March 28th. Needham & Company LLC lowered their price target on shares of Onto Innovation from $230.00 to $150.00 and set a “buy” rating on the stock in a research report on Friday. Oppenheimer reduced their price objective on shares of Onto Innovation from $150.00 to $130.00 and set an “outperform” rating for the company in a research note on Friday. Finally, StockNews.com cut shares of Onto Innovation from a “hold” rating to a “sell” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $177.14.

Onto Innovation Stock Up 5.4%

Shares of NYSE ONTO opened at $93.29 on Tuesday. The firm’s 50-day moving average price is $123.17 and its 200-day moving average price is $158.71. The company has a market cap of $4.56 billion, a PE ratio of 22.98, a PEG ratio of 0.89 and a beta of 1.55. Onto Innovation Inc. has a 52-week low of $85.88 and a 52-week high of $238.93.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.04. The company had revenue of $267.00 million for the quarter, compared to the consensus estimate of $267.03 million. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.18 earnings per share. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 6.26 EPS for the current fiscal year.

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.