Illinois Municipal Retirement Fund Cuts Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Illinois Municipal Retirement Fund reduced its stake in Onto Innovation Inc. (NYSE:ONTO) by 83.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,865 shares of the semiconductor company’s stock after selling 24,314 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Onto Innovation were worth $744,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in Onto Innovation by 198.3% during the fourth quarter. Fifth Third Bancorp now owns 173 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 115 shares during the period. Contravisory Investment Management Inc. bought a new position in Onto Innovation during the fourth quarter valued at about $28,000. Huntington National Bank grew its position in Onto Innovation by 70.3% during the third quarter. Huntington National Bank now owns 247 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 102 shares during the period. Operose Advisors LLC bought a new position in Onto Innovation during the third quarter valued at about $49,000. Finally, Lindbrook Capital LLC boosted its position in Onto Innovation by 188.5% during the fourth quarter. Lindbrook Capital LLC now owns 577 shares of the semiconductor company’s stock worth $88,000 after purchasing an additional 377 shares during the period. Institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ONTO. Stifel Nicolaus increased their target price on shares of Onto Innovation from $188.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday, March 25th. StockNews.com upgraded shares of Onto Innovation from a “sell” rating to a “hold” rating in a research report on Monday, February 12th. Evercore ISI started coverage on shares of Onto Innovation in a research report on Tuesday, April 16th. They set an “outperform” rating and a $235.00 target price for the company. B. Riley increased their price target on shares of Onto Innovation from $195.00 to $205.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Finally, Benchmark increased their price target on shares of Onto Innovation from $145.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $191.60.

Insider Activity at Onto Innovation

In related news, Director David Brian Miller sold 2,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $170.49, for a total value of $477,372.00. Following the sale, the director now directly owns 9,008 shares of the company’s stock, valued at $1,535,773.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Onto Innovation news, VP Yoon Ah Oh sold 1,685 shares of Onto Innovation stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $180.00, for a total transaction of $303,300.00. Following the transaction, the vice president now directly owns 14,913 shares of the company’s stock, valued at $2,684,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David Brian Miller sold 2,800 shares of Onto Innovation stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $170.49, for a total transaction of $477,372.00. Following the transaction, the director now directly owns 9,008 shares in the company, valued at $1,535,773.92. The disclosure for this sale can be found here. Insiders have sold 47,170 shares of company stock valued at $8,266,955 over the last three months. 0.72% of the stock is owned by corporate insiders.

Onto Innovation Trading Up 0.2 %

Shares of Onto Innovation stock opened at $190.22 on Tuesday. Onto Innovation Inc. has a 12-month low of $80.17 and a 12-month high of $199.72. The company has a market cap of $9.35 billion, a price-to-earnings ratio of 77.33 and a beta of 1.40. The company’s 50-day moving average price is $182.39 and its 200-day moving average price is $157.63.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Thursday, February 8th. The semiconductor company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.07. The business had revenue of $219.00 million for the quarter, compared to the consensus estimate of $209.06 million. Onto Innovation had a net margin of 14.85% and a return on equity of 10.95%. Onto Innovation’s quarterly revenue was down 13.5% on a year-over-year basis. During the same period last year, the firm posted $1.57 earnings per share. On average, sell-side analysts predict that Onto Innovation Inc. will post 4.7 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.