Principal Financial Group Inc. Lowers Holdings in Onto Innovation Inc. (NYSE:ONTO)

Principal Financial Group Inc. lowered its holdings in Onto Innovation Inc. (NYSE:ONTO) by 29.6% during the third quarter, Holdings Channel.com reports. The firm owned 127,714 shares of the semiconductor company’s stock after selling 53,718 shares during the period. Principal Financial Group Inc.’s holdings in Onto Innovation were worth $26,508,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ONTO. Quarry LP raised its holdings in Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 108 shares during the last quarter. LGT Financial Advisors LLC lifted its holdings in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 90 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Onto Innovation by 40.2% during the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock worth $64,000 after purchasing an additional 84 shares during the period. Finally, Eastern Bank acquired a new stake in Onto Innovation in the 3rd quarter valued at approximately $65,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Onto Innovation Stock Performance

ONTO stock opened at $174.84 on Wednesday. The company’s 50 day moving average price is $198.31 and its 200 day moving average price is $206.85. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of 47.32, a PEG ratio of 1.13 and a beta of 1.37. Onto Innovation Inc. has a fifty-two week low of $131.78 and a fifty-two week high of $238.93.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings data on Thursday, October 31st. The semiconductor company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The company had revenue of $252.20 million for the quarter, compared to the consensus estimate of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.96 EPS. Equities analysts forecast that Onto Innovation Inc. will post 5.19 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ONTO. Jefferies Financial Group decreased their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Oppenheimer increased their target price on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Benchmark reaffirmed a “buy” rating and issued a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Finally, Needham & Company LLC reduced their price target on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $254.29.

Insider Buying and Selling at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total value of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares in the company, valued at approximately $3,326,202. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.72% of the stock is owned by insiders.

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.