PNC Financial Services Group Inc. Cuts Stock Holdings in Onto Innovation Inc. (NYSE:ONTO)

Posted by Defense World Staff on Jun 2nd, 2023

PNC Financial Services Group Inc. trimmed its stake in shares of Onto Innovation Inc. (NYSE:ONTO – Get Rating) by 8.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,276 shares of the semiconductor company’s stock after selling 1,013 shares during the period. PNC Financial Services Group Inc.’s holdings in Onto Innovation were worth $768,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Ellevest Inc. lifted its position in Onto Innovation by 232.0% during the fourth quarter. Ellevest Inc. now owns 415 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 290 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Onto Innovation by 51.3% during the third quarter. Public Employees Retirement System of Ohio now owns 516 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 175 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Onto Innovation during the second quarter valued at $52,000. Quadrant Capital Group LLC lifted its position in Onto Innovation by 52.0% during the third quarter. Quadrant Capital Group LLC now owns 1,202 shares of the semiconductor company’s stock valued at $77,000 after purchasing an additional 411 shares during the last quarter. Finally, Covestor Ltd lifted its position in Onto Innovation by 1,909.5% during the first quarter. Covestor Ltd now owns 1,266 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 1,203 shares during the last quarter. 93.59% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Price Performance

ONTO stock opened at $106.74 on Friday. The company has a market capitalization of $5.22 billion, a PE ratio of 26.62 and a beta of 1.39. Onto Innovation Inc. has a 12 month low of $56.02 and a 12 month high of $112.72. The firm’s 50-day moving average is $88.60 and its 200 day moving average is $82.01.

Onto Innovation (NYSE:ONTO – Get Rating) last posted its earnings results on Thursday, May 4th. The semiconductor company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. The business had revenue of $199.17 million for the quarter, compared to the consensus estimate of $200.00 million. Onto Innovation had a net margin of 20.67% and a return on equity of 16.09%. The company’s revenue for the quarter was down 17.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.31 EPS. Sell-side analysts forecast that Onto Innovation Inc. will post 3.63 EPS for the current fiscal year.

Insider Buying and Selling at Onto Innovation

In other Onto Innovation news, SVP Robert Fiordalice sold 846 shares of the firm’s stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $109.40, for a total transaction of $92,552.40. Following the transaction, the senior vice president now owns 13,526 shares of the company’s stock, valued at approximately $1,479,744.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director David Brian Miller sold 5,000 shares of Onto Innovation stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $99.69, for a total value of $498,450.00. Following the transaction, the director now owns 11,808 shares of the company’s stock, valued at approximately $1,177,139.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Robert Fiordalice sold 846 shares of Onto Innovation stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $109.40, for a total transaction of $92,552.40. Following the completion of the transaction, the senior vice president now directly owns 13,526 shares in the company, valued at approximately $1,479,744.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,283 shares of company stock valued at $727,969. Company insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

ONTO has been the subject of several analyst reports. Stifel Nicolaus raised their target price on shares of Onto Innovation from $97.00 to $124.00 in a report on Tuesday. Needham & Company LLC raised their target price on shares of Onto Innovation from $75.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, February 10th. Benchmark restated a “buy” rating and issued a $92.00 target price (up previously from $85.00) on shares of Onto Innovation in a report on Friday, February 10th. B. Riley raised their target price on shares of Onto Innovation from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 10th. Finally, StockNews.com initiated coverage on shares of Onto Innovation in a report on Thursday, May 18th. They issued a “hold” rating for the company. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.33.

Onto Innovation Company Profile

(Get Rating)

Onto Innovation, Inc engages in designing, developing and manufacturing process control systems. It offers process control, combining global scale with an expanded portfolio of technologies that include: 3D metrology spanning the chip from nanometer-scale transistors to micron-level die-interconnects, macro defect inspection of wafers and packages, metal interconnect composition, factory analytics, and lithography for advanced semiconductor packaging.