Huntington National Bank Increases Holdings in Onto Innovation Inc. (NYSE:ONTO)

Huntington National Bank increased its stake in Onto Innovation Inc. (NYSE:ONTO) by 26.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 423 shares of the semiconductor company’s stock after acquiring an additional 88 shares during the period. Huntington National Bank’s holdings in Onto Innovation were worth $88,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Millennium Management LLC raised its stake in shares of Onto Innovation by 304.9% in the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after acquiring an additional 337,250 shares during the period. Congress Asset Management Co. raised its position in Onto Innovation by 38.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after purchasing an additional 295,869 shares during the period. Natixis Advisors LLC lifted its stake in Onto Innovation by 379.8% in the second quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock worth $53,824,000 after purchasing an additional 194,056 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Onto Innovation by 28.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock valued at $188,115,000 after buying an additional 189,769 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in shares of Onto Innovation during the third quarter valued at approximately $30,418,000. 98.35% of the stock is owned by institutional investors.

Insider Transactions at Onto Innovation

In other Onto Innovation news, SVP Srinivas Vedula sold 1,275 shares of the business’s 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 completion of the transaction, the senior vice president now directly owns 16,050 shares in the company, valued at approximately $3,326,202. The trade was a 7.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company’s stock.

Onto Innovation Price Performance

Shares of Onto Innovation stock opened at $161.66 on Tuesday. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 42.96, a PEG ratio of 1.02 and a beta of 1.37. The firm’s 50-day moving average is $196.76 and its two-hundred day moving average is $206.23. Onto Innovation Inc. has a 1 year low of $133.67 and a 1 year high of $238.93.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group decreased their price target on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Needham & Company LLC lowered their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Oppenheimer raised their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, Benchmark reissued a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Onto Innovation 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.