M&T Bank Corp Reduces Stock Position in Onto Innovation Inc. (NYSE:ONTO)

M&T Bank Corp reduced its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 17.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,584 shares of the semiconductor company’s stock after selling 2,687 shares during the period. M&T Bank Corp’s holdings in Onto Innovation were worth $2,098,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ONTO. Van ECK Associates Corp boosted its holdings in shares of Onto Innovation by 28.5% during the third quarter. Van ECK Associates Corp now owns 586 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 130 shares during the period. Asset Management One Co. Ltd. purchased a new stake in shares of Onto Innovation during the third quarter worth about $176,000. Portside Wealth Group LLC boosted its holdings in shares of Onto Innovation by 49.1% during the third quarter. Portside Wealth Group LLC now owns 1,557 shares of the semiconductor company’s stock worth $323,000 after purchasing an additional 513 shares during the period. Assetmark Inc. boosted its holdings in shares of Onto Innovation by 2.4% during the third quarter. Assetmark Inc. now owns 40,773 shares of the semiconductor company’s stock worth $8,463,000 after purchasing an additional 938 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Onto Innovation during the third quarter worth about $23,367,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Onto Innovation Stock Performance

ONTO stock opened at $132.88 on Monday. The firm has a 50 day moving average price of $181.34 and a 200-day moving average price of $185.59. Onto Innovation Inc. has a 52-week low of $127.54 and a 52-week high of $238.93. The firm has a market capitalization of $6.55 billion, a price-to-earnings ratio of 32.73, a PEG ratio of 0.89 and a beta of 1.29.

Onto Innovation (NYSE:ONTO) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.10. Onto Innovation had a net margin of 20.43% and a return on equity of 14.24%. As a group, sell-side analysts forecast that Onto Innovation Inc. will post 6.26 earnings per share for the current fiscal year.

Insider Activity at Onto Innovation

In related news, SVP Srinivas Vedula sold 827 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $205.00, for a total transaction of $169,535.00. Following the completion of the sale, the senior vice president now owns 15,223 shares of the company’s stock, valued at $3,120,715. This trade represents a 5.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael P. Plisinski sold 20,000 shares of Onto Innovation stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $200.19, for a total transaction of $4,003,800.00. Following the completion of the sale, the chief executive officer now directly owns 215,492 shares of the company’s stock, valued at approximately $43,139,343.48. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 85,827 shares of company stock valued at $18,182,185 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

ONTO has been the subject of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $250.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. Oppenheimer lowered their price objective on shares of Onto Innovation from $275.00 to $240.00 and set an “outperform” rating for the company in a report on Thursday, February 20th. Stifel Nicolaus lowered their price objective on shares of Onto Innovation from $270.00 to $250.00 and set a “buy” rating for the company in a report on Friday, February 7th. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a report on Thursday, February 27th. Finally, Needham & Company LLC restated a “buy” rating and issued a $230.00 price objective on shares of Onto Innovation in a report on Friday, February 7th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $246.88.

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.