Fifth Third Bancorp Buys 12,652 Shares of Onto Innovation Inc. $ONTO

Fifth Third Bancorp grew its stake in shares of Onto Innovation Inc. (NYSE:ONTO) by 504.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,162 shares of the semiconductor company’s stock after acquiring an additional 12,652 shares during the period. Fifth Third Bancorp’s holdings in Onto Innovation were worth $3,109,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Eagle Rock Investment Company LLC grew its stake in shares of Onto Innovation by 99.3% during the 4th quarter. Eagle Rock Investment Company LLC now owns 10,037 shares of the semiconductor company’s stock worth $1,584,000 after acquiring an additional 5,000 shares during the period. CWM LLC raised its stake in Onto Innovation by 361.2% in the 4th quarter. CWM LLC now owns 20,068 shares of the semiconductor company’s stock valued at $3,168,000 after acquiring an additional 15,717 shares during the period. M&T Bank Corp lifted its holdings in Onto Innovation by 11,228.9% during the fourth quarter. M&T Bank Corp now owns 341,112 shares of the semiconductor company’s stock valued at $53,848,000 after purchasing an additional 338,101 shares during the last quarter. Fideuram Asset Management Ireland dac purchased a new stake in Onto Innovation during the fourth quarter valued at about $1,583,000. Finally, Allspring Global Investments Holdings LLC boosted its position in Onto Innovation by 148.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 271,610 shares of the semiconductor company’s stock worth $45,052,000 after purchasing an additional 162,433 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Morgan Stanley started coverage on shares of Onto Innovation in a research note on Sunday, June 14th. They issued an “overweight” rating and a $371.00 target price for the company. Wall Street Zen raised shares of Onto Innovation from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Cantor Fitzgerald lifted their price objective on shares of Onto Innovation from $350.00 to $410.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Zacks Research raised shares of Onto Innovation from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Finally, Evercore restated an “outperform” rating and set a $315.00 target price on shares of Onto Innovation in a research report on Friday, April 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Onto Innovation has an average rating of “Buy” and an average target price of $339.60.

Onto Innovation Trading Down 0.3%

ONTO stock opened at $279.05 on Monday. The company’s 50 day moving average is $295.47 and its 200 day moving average is $247.37. The stock has a market cap of $13.88 billion, a price-to-earnings ratio of 130.40, a price-to-earnings-growth ratio of 1.14 and a beta of 1.55. Onto Innovation Inc. has a 1-year low of $89.40 and a 1-year high of $386.46.

Onto Innovation (NYSE:ONTO) last announced its earnings results on Tuesday, May 5th. The semiconductor company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.04. The business had revenue of $291.95 million during the quarter, compared to analyst estimates of $292.00 million. Onto Innovation had a net margin of 10.32% and a return on equity of 11.68%. Onto Innovation’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.51 earnings per share. As a group, sell-side analysts forecast that Onto Innovation Inc. will post 7.14 EPS for the current fiscal year.

Onto Innovation Company Profile

Onto Innovation (NYSE:ONTO) is a global supplier of advanced process control and inspection systems for semiconductor and electronics manufacturers. The company’s solutions span metrology, inspection, defect review and lithography mask repair, helping customers optimize yield, reduce costs and improve device performance. By integrating high-resolution optical and e-beam tools with sophisticated software analytics, Onto Innovation enables wafer, mask and advanced packaging producers to maintain tight process control across leading-edge nodes and specialty applications.

Key products include high-throughput wafer metrology systems, optical and e-beam defect inspection platforms, mask inspection and repair tools, and data-driven software for yield management and process optimization.