American International Group Inc. Buys 63,367 Shares of Onto Innovation Inc. (NYSE:ONTO)

American International Group Inc. lifted its stake in shares of Onto Innovation Inc. (NYSE:ONTOFree Report) by 235.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 90,255 shares of the semiconductor company’s stock after acquiring an additional 63,367 shares during the period. American International Group Inc.’s holdings in Onto Innovation were worth $13,800,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ONTO. International Assets Investment Management LLC lifted its stake in Onto Innovation by 14,819.4% in the fourth quarter. International Assets Investment Management LLC now owns 615,575 shares of the semiconductor company’s stock worth $94,121,000 after purchasing an additional 611,449 shares during the last quarter. Norges Bank bought a new stake in Onto Innovation in the fourth quarter worth $89,785,000. Invesco Ltd. lifted its stake in Onto Innovation by 113.7% in the third quarter. Invesco Ltd. now owns 1,074,877 shares of the semiconductor company’s stock worth $137,068,000 after purchasing an additional 571,917 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in Onto Innovation in the third quarter worth $34,678,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Onto Innovation by 854.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 296,049 shares of the semiconductor company’s stock worth $45,266,000 after purchasing an additional 265,042 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Insider Activity at Onto Innovation

In related news, VP Yoon Ah Oh sold 2,685 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $173.96, for a total transaction of $467,082.60. Following the transaction, the vice president now owns 16,598 shares in the company, valued at $2,887,388.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Yoon Ah Oh sold 2,685 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $173.96, for a total transaction of $467,082.60. Following the sale, the vice president now owns 16,598 shares of the company’s stock, valued at $2,887,388.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael P. Plisinski sold 40,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $175.48, for a total transaction of $7,019,200.00. Following the sale, the chief executive officer now directly owns 235,492 shares in the company, valued at approximately $41,324,136.16. The disclosure for this sale can be found here. Insiders have sold 44,370 shares of company stock worth $7,789,583 over the last 90 days. 0.72% of the stock is owned by company insiders.

Onto Innovation Stock Performance

Shares of NYSE ONTO traded down $4.91 during midday trading on Thursday, hitting $217.07. 387,509 shares of the company traded hands, compared to its average volume of 442,775. Onto Innovation Inc. has a 12-month low of $103.00 and a 12-month high of $238.13. The stock has a 50-day moving average price of $202.77 and a 200 day moving average price of $175.50. The firm has a market cap of $10.70 billion, a P/E ratio of 77.25 and a beta of 1.43.

Onto Innovation (NYSE:ONTOGet Free Report) last announced its quarterly 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 analysts’ expectations of $222.60 million. During the same quarter in the previous year, the company earned $0.92 earnings per share. Onto Innovation’s quarterly revenue was up 14.9% on a year-over-year basis. As a group, equities analysts expect that Onto Innovation Inc. will post 5.05 earnings per share for the current year.

Wall Street Analyst Weigh In

ONTO has been the subject of several recent research reports. Benchmark boosted their price target on shares of Onto Innovation from $180.00 to $230.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Evercore ISI boosted their price objective on shares of Onto Innovation from $235.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, May 10th. Needham & Company LLC restated a “hold” rating on shares of Onto Innovation in a research report on Friday, May 10th. Jefferies Financial Group started coverage on shares of Onto Innovation in a research report on Monday, May 13th. They issued a “buy” rating and a $265.00 price objective on the stock. Finally, Stifel Nicolaus boosted their price objective on shares of Onto Innovation from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $242.00.

Check Out Our Latest Research Report on ONTO

About Onto Innovation

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Onto Innovation (NYSE:ONTO)

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