JPMorgan Chase & Co. Has $416.86 Million Position in Onto Innovation Inc. (NYSE:ONTO)

JPMorgan Chase & Co. grew its position in Onto Innovation Inc. (NYSE:ONTO) by 12.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,008,399 shares of the semiconductor company’s stock after purchasing an additional 228,800 shares during the quarter. JPMorgan Chase & Co.’s holdings in Onto Innovation were worth $416,863,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP raised its stake in Onto Innovation by 232.4% during the 2nd quarter. Quarry LP now owns 113 shares of the semiconductor company’s stock worth $25,000 after buying an additional 79 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Onto Innovation by 675.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 124 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 108 shares during the period. LGT Financial Advisors LLC raised its position in shares of Onto Innovation by 58.1% during the second quarter. LGT Financial Advisors LLC now owns 245 shares of the semiconductor company’s stock worth $54,000 after purchasing an additional 90 shares during the period. Eastern Bank bought a new position in shares of Onto Innovation during the 3rd quarter valued at about $65,000. Finally, UMB Bank n.a. increased its stake in Onto Innovation by 62.0% during the 3rd quarter. UMB Bank n.a. now owns 324 shares of the semiconductor company’s stock worth $67,000 after purchasing an additional 124 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ONTO. Oppenheimer reaffirmed an “outperform” rating and issued a $275.00 price target on shares of Onto Innovation in a research note on Tuesday, December 17th. Jefferies Financial Group reduced their target price 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. Benchmark reiterated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a report on Friday, November 1st. Finally, Needham & Company LLC reduced their price objective on Onto Innovation from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Onto Innovation currently has an average rating of “Moderate Buy” and a consensus target price of $254.29.

Onto Innovation Price Performance

Onto Innovation stock opened at $170.66 on Friday. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 46.25, a P/E/G ratio of 1.07 and a beta of 1.30. The firm has a 50-day moving average of $175.21 and a 200-day moving average of $195.30. Onto Innovation Inc. has a one year low of $134.11 and a one 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 EPS for the quarter, beating the consensus estimate of $1.31 by $0.03. Onto Innovation had a return on equity of 13.38% and a net margin of 19.44%. The firm had revenue of $252.20 million during the quarter, compared to analysts’ expectations of $250.85 million. During the same period in the prior year, the firm posted $0.96 earnings per share. The business’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, sell-side analysts expect that Onto Innovation Inc. will post 5.22 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.