Central Pacific Bank Trust Division Increases Position in Onto Innovation Inc. (NYSE:ONTO)

Central Pacific Bank Trust Division lifted its position in shares of Onto Innovation Inc. (NYSE:ONTO) by 42.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,270 shares of the semiconductor company’s stock after purchasing an additional 380 shares during the period. Central Pacific Bank Trust Division’s holdings in Onto Innovation were worth $212,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in Onto Innovation by 12.9% in the third quarter. JPMorgan Chase & Co. now owns 2,008,399 shares of the semiconductor company’s stock valued at $416,863,000 after purchasing an additional 228,800 shares in the last quarter. State Street Corp grew its position in shares of Onto Innovation by 2.8% in the 3rd quarter. State Street Corp now owns 1,469,969 shares of the semiconductor company’s stock valued at $305,107,000 after buying an additional 39,367 shares during the last quarter. Franklin Resources Inc. raised its stake in Onto Innovation by 4.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,281,801 shares of the semiconductor company’s stock worth $288,320,000 after acquiring an additional 54,868 shares in the last quarter. Congress Asset Management Co. lifted its position in Onto Innovation by 38.1% in the third quarter. Congress Asset Management Co. now owns 1,072,796 shares of the semiconductor company’s stock valued at $222,670,000 after acquiring an additional 295,869 shares during the last quarter. Finally, Geneva Capital Management LLC boosted its stake in Onto Innovation by 2.6% in the third quarter. Geneva Capital Management LLC now owns 939,641 shares of the semiconductor company’s stock valued at $195,032,000 after acquiring an additional 23,628 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Onto Innovation Price Performance

Shares of NYSE ONTO opened at $180.03 on Friday. The company has a market cap of $8.89 billion, a PE ratio of 48.79, a P/E/G ratio of 1.07 and a beta of 1.29. The stock has a fifty day moving average price of $171.80 and a 200 day moving average price of $193.68. 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. The business had revenue of $252.20 million for the quarter, compared to analyst estimates of $250.85 million. Onto Innovation had a net margin of 19.44% and a return on equity of 13.38%. The business’s revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.96 earnings per share. Analysts anticipate that Onto Innovation Inc. will post 5.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ONTO shares. Benchmark reiterated a “buy” rating and set a $230.00 target price on shares of Onto Innovation in a research report on Friday, November 1st. Oppenheimer reiterated an “outperform” rating and issued a $275.00 price objective on shares of Onto Innovation in a research note on Tuesday, December 17th. Jefferies Financial Group lowered their target price on shares of Onto Innovation from $265.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Needham & Company LLC reduced their price target on shares of 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 equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Onto Innovation has a consensus 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.