Retirement Systems of Alabama Sells 829 Shares of Onto Innovation Inc. (NYSE:ONTO)

Retirement Systems of Alabama lowered its holdings in shares of Onto Innovation Inc. (NYSE:ONTO) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,990 shares of the semiconductor company’s stock after selling 829 shares during the quarter. Retirement Systems of Alabama owned 0.12% of Onto Innovation worth $12,452,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Quarry LP raised its stake in shares of Onto Innovation by 232.4% in the second quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Onto Innovation by 675.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 108 shares in the last quarter. LGT Financial Advisors LLC boosted its holdings in shares of Onto Innovation by 58.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock valued at $54,000 after buying an additional 90 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Onto Innovation by 40.2% in the 2nd quarter. Fifth Third Bancorp now owns 293 shares of the semiconductor company’s stock valued at $64,000 after buying an additional 84 shares in the last quarter. Finally, Eastern Bank bought a new stake in shares of Onto Innovation in the 3rd quarter valued at about $65,000. Institutional investors own 98.35% of the company’s stock.

Onto Innovation Price Performance

Shares of NYSE:ONTO opened at $167.09 on Monday. The firm has a market capitalization of $8.25 billion, a PE ratio of 45.28, a price-to-earnings-growth ratio of 1.07 and a beta of 1.30. The firm’s 50-day moving average is $183.14 and its two-hundred day moving average is $198.41. Onto Innovation Inc. has a 1 year low of $134.11 and a 1 year high of $238.93.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ONTO shares. Oppenheimer raised their price target on shares of Onto Innovation from $260.00 to $275.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Needham & Company LLC lowered their target price on shares of Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Jefferies Financial Group decreased their price objective on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $254.29.

About Onto Innovation

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.