M&T Bank Corp Acquires 1,443 Shares of Onto Innovation Inc. (NYSE:ONTO)

M&T Bank Corp lifted its stake in Onto Innovation Inc. (NYSE:ONTO) by 10.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,271 shares of the semiconductor company’s stock after purchasing an additional 1,443 shares during the period. M&T Bank Corp’s holdings in Onto Innovation were worth $3,170,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in ONTO. Quarry LP lifted its holdings in shares of Onto Innovation by 232.4% in the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Onto Innovation by 675.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 108 shares in the last quarter. LGT Financial Advisors LLC lifted its stake 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 acquiring an additional 90 shares during the period. Fifth Third Bancorp grew its holdings in 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 acquiring an additional 84 shares in the last quarter. Finally, Eastern Bank purchased a new position in Onto Innovation during the 3rd quarter valued at about $65,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC dropped their price objective on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Benchmark reiterated a “buy” rating and issued a $230.00 price target on shares of Onto Innovation in a report on Friday, November 1st. Oppenheimer boosted their price target on Onto Innovation from $260.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Jefferies Financial Group dropped their price objective on Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $254.29.

Onto Innovation Price Performance

Shares of ONTO stock opened at $167.18 on Friday. The stock’s fifty day moving average price is $183.97 and its 200 day moving average price is $199.28. Onto Innovation Inc. has a 1-year low of $134.11 and a 1-year high of $238.93. The company has a market cap of $8.26 billion, a price-to-earnings ratio of 45.31, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30.

Onto Innovation (NYSE:ONTO) last issued its quarterly earnings results on Thursday, October 31st. The semiconductor company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The company’s revenue was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.96 earnings per share. As a group, equities research analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current year.

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.