Mutual of America Capital Management LLC Cuts Stake in Onto Innovation Inc. (NYSE:ONTO)

Mutual of America Capital Management LLC lessened its stake in Onto Innovation Inc. (NYSE:ONTO) by 3.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,854 shares of the semiconductor company’s stock after selling 2,186 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.11% of Onto Innovation worth $12,044,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ONTO. Fidelis Capital Partners LLC purchased a new position in Onto Innovation during the 1st quarter valued at approximately $28,000. Rise Advisors LLC bought a new position in shares of Onto Innovation during the 1st quarter valued at approximately $38,000. GAMMA Investing LLC grew its holdings in shares of Onto Innovation by 41.1% in the first quarter. GAMMA Investing LLC now owns 292 shares of the semiconductor company’s stock valued at $53,000 after purchasing an additional 85 shares in the last quarter. LGT Financial Advisors LLC increased its position in Onto Innovation by 58.1% in the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 90 shares during the last quarter. Finally, Parallel Advisors LLC raised its stake in Onto Innovation by 43.0% during the fourth quarter. Parallel Advisors LLC now owns 366 shares of the semiconductor company’s stock valued at $56,000 after purchasing an additional 110 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ONTO. Stifel Nicolaus boosted their target price on shares of Onto Innovation from $240.00 to $270.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Benchmark restated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, August 9th. B. Riley upped their target price on shares of Onto Innovation from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Finally, Needham & Company LLC upgraded shares of Onto Innovation from a “hold” rating to a “buy” rating in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $259.00.

Insider Buying and Selling

In related news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $207.24, for a total value of $264,231.00. Following the sale, the senior vice president now directly owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Onto Innovation Price Performance

Onto Innovation stock opened at $187.72 on Thursday. Onto Innovation Inc. has a 1-year low of $108.98 and a 1-year high of $238.93. The firm has a market capitalization of $9.25 billion, a P/E ratio of 66.80 and a beta of 1.37. The company’s 50-day moving average is $197.56 and its 200 day moving average is $201.70.

Onto Innovation (NYSE:ONTO) last posted its quarterly earnings data on Thursday, August 8th. The semiconductor company reported $1.32 earnings per share 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 company had revenue of $242.33 million for the quarter, compared to analyst estimates of $235.43 million. During the same period in the prior year, the company posted $0.79 EPS. The firm’s revenue for the quarter was up 27.1% on a year-over-year basis. Research analysts anticipate that Onto Innovation Inc. will post 5.18 earnings per share for the current fiscal 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.