Granite Investment Partners LLC Cuts Holdings in Onto Innovation Inc. $ONTO

Granite Investment Partners LLC decreased its holdings in Onto Innovation Inc. (NYSE:ONTO) by 5.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 68,437 shares of the semiconductor company’s stock after selling 3,802 shares during the quarter. Onto Innovation accounts for about 0.9% of Granite Investment Partners LLC’s holdings, making the stock its 28th biggest holding. Granite Investment Partners LLC’s holdings in Onto Innovation were worth $14,034,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of ONTO. Oregon Public Employees Retirement Fund increased its holdings in shares of Onto Innovation by 4.7% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 10,226 shares of the semiconductor company’s stock valued at $2,097,000 after acquiring an additional 461 shares during the period. Stephens Inc. AR bought a new position in shares of Onto Innovation in the 1st quarter worth $219,000. Stephens Investment Management Group LLC purchased a new stake in shares of Onto Innovation during the 1st quarter worth $27,760,000. K.J. Harrison & Partners Inc purchased a new stake in shares of Onto Innovation during the 1st quarter worth $820,000. Finally, Praxis Investment Management Inc. boosted its position in Onto Innovation by 6.9% during the first quarter. Praxis Investment Management Inc. now owns 1,667 shares of the semiconductor company’s stock valued at $342,000 after purchasing an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Onto Innovation Trading Up 4.0%

Shares of ONTO opened at $291.23 on Thursday. The firm has a market cap of $14.49 billion, a PE ratio of 136.09, a P/E/G ratio of 1.14 and a beta of 1.55. Onto Innovation Inc. has a 12 month low of $89.40 and a 12 month high of $386.46. The stock has a fifty day moving average price of $293.30 and a 200-day moving average price of $240.28.

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

Analyst Ratings Changes

Several equities analysts have issued reports on ONTO shares. Cantor Fitzgerald lifted their target price on Onto Innovation from $350.00 to $410.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Freedom Capital raised shares of Onto Innovation to a “strong-buy” rating in a research report on Wednesday, June 17th. Jefferies Financial Group restated a “buy” rating and issued a $350.00 price target on shares of Onto Innovation in a report on Wednesday, May 6th. Evercore restated an “outperform” rating and issued a $315.00 price target on shares of Onto Innovation in a report on Friday, April 17th. Finally, B. Riley Financial boosted their price objective on shares of Onto Innovation from $275.00 to $310.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $339.60.

Onto Innovation 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.