Federated Hermes Inc. has significantly increased its investment in Onto Innovation Inc., boosting its holdings by 336.1% during the second quarter of 2023. According to the latest 13F filing with the U.S. Securities and Exchange Commission, the institutional investor now owns 384,977 shares of the semiconductor company, after purchasing an additional 296,691 shares in that period. With this expansion, Federated Hermes holds approximately 0.79% of Onto Innovation, valued at around $38,856,000.
Several other institutional investors have also adjusted their positions in Onto Innovation. Brooklyn Investment Group made a notable leap, increasing its stake by an astounding 3,690.9% during the first quarter. This investment now totals 417 shares, worth $51,000, following the acquisition of an additional 406 shares.
EverSource Wealth Advisors LLC raised its stake in Onto Innovation by 206.9% in the second quarter, bringing its total to 577 shares valued at $58,000 after acquiring an additional 389 shares. Similarly, SBI Securities Co. Ltd. increased its holdings by 148.5%, now owning 671 shares valued at $68,000. Other firms, such as Smartleaf Asset Management LLC and Signaturefd LLC, also expanded their positions, demonstrating a growing interest in the semiconductor sector. Currently, institutional investors own 98.35% of Onto Innovation’s stock.
Stock Performance and Analyst Ratings
On Tuesday, Onto Innovation’s shares opened at $160.38, reflecting a 1.9% increase. The company boasts a market capitalization of $7.86 billion and has a price-to-earnings (P/E) ratio of 45.30. The stock’s performance shows fluctuations, with a fifty-day moving average of $136.51 and a two-hundred-day moving average of $115.18. Over the past year, the stock has seen a low of $85.88 and a high of $228.42.
Recent analyst reports have contributed to the positive outlook for Onto Innovation. On September 23, 2023, Jefferies Financial Group upgraded the company from a “hold” to a “buy” rating, increasing the price target from $100.00 to $170.00. B. Riley followed suit, raising their target price from $173.00 to $180.00, also assigning a “buy” rating. Oppenheimer and Evercore ISI have similarly boosted their target prices, with Oppenheimer increasing it from $130.00 to $180.00 and Evercore ISI from $115.00 to $160.00. Currently, six analysts rate the stock as a buy, while three hold a neutral stance, leading to a consensus rating of “Moderate Buy” with an average target price of $151.25.
Company Overview
Onto Innovation Inc. specializes in the design, development, and manufacture of process control tools for optical metrology. The company provides lithography systems and analytical software for process control, as well as yield management solutions and device packaging facilities. Their offerings encompass standalone systems for optical metrology, macro-defect inspection, packaging lithography, and various thin film measurements.
As institutional interest in Onto Innovation continues to rise, the company remains a focal point in the semiconductor industry, reflecting broader trends in technology investments.
