Bank of Montreal Can Increases Stake in Onto Innovation Inc. (NYSE:ONTO)

Bank of Montreal Can raised its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 644.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 50,782 shares of the semiconductor company’s stock after acquiring an additional 43,959 shares during the quarter. Bank of Montreal Can’s holdings in Onto Innovation were worth $10,937,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of ONTO. Millennium Management LLC lifted its position in Onto Innovation by 304.9% during the second quarter. Millennium Management LLC now owns 447,844 shares of the semiconductor company’s stock valued at $98,329,000 after purchasing an additional 337,250 shares in the last quarter. Congress Asset Management Co. raised its stake in shares of Onto Innovation by 38.1% in the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock worth $222,670,000 after buying an additional 295,869 shares during the period. Citigroup Inc. lifted its position in shares of Onto Innovation by 811.7% during the 3rd quarter. Citigroup Inc. now owns 319,116 shares of the semiconductor company’s stock valued at $66,236,000 after buying an additional 284,115 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Onto Innovation by 379.8% during the 2nd quarter. Natixis Advisors LLC now owns 245,144 shares of the semiconductor company’s stock valued at $53,824,000 after acquiring an additional 194,056 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in Onto Innovation by 28.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 856,780 shares of the semiconductor company’s stock worth $188,115,000 after acquiring an additional 189,769 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Trading Up 1.9 %

NYSE:ONTO opened at $164.18 on Monday. The business’s 50-day moving average is $191.02 and its 200 day moving average is $202.67. Onto Innovation Inc. has a 12 month low of $134.11 and a 12 month high of $238.93. The company has a market capitalization of $8.11 billion, a P/E ratio of 44.49, a P/E/G ratio of 1.05 and a beta of 1.37.

Onto Innovation (NYSE:ONTO) last posted its earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The firm had revenue of $252.20 million during 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 for the quarter was up 21.7% compared to the same quarter last year. During the same period last year, the firm posted $0.96 earnings per share. On average, research analysts forecast that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

Analysts Set New Price Targets

ONTO has been the subject of a number of recent analyst reports. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a research report on Friday, November 1st. Needham & Company LLC cut their price target on 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 boosted their price objective on Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group cut their target price on Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company 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 company. According to MarketBeat, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

Insider Transactions at Onto Innovation

In other news, SVP Srinivas Vedula sold 1,275 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $207.24, for a total transaction of $264,231.00. Following the transaction, the senior vice president now owns 16,050 shares of the company’s stock, valued at approximately $3,326,202. The trade was a 7.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

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.