The Bank of New York Mellon Corporation

New York Stock Exchange
Back to all articles
Bullish +65

Bank of New York Mellon Corp Cuts Stock Position in Onto Innovation Inc ...

AI-generated analysis

📉 Bank of New York Mellon Corp cut its Onto Innovation holdings by 5.5% in Q1, selling 32,988 shares while retaining a $116.44 million position.

📈 NewEdge Advisors LLC significantly increased its stake by 312.5%, now owning 4,121 shares valued at $500,000.

📈 Goldman Sachs Group Inc. raised its position by 76.4% to own 482,256 shares worth $58.52 million.

📈 UBS Asset Management Americas increased its stake by 8.8%, acquiring an additional 13,175 shares.

📈 Cetera Investment Advisers and Russell Investments Group Ltd. also boosted their respective stakes in the second quarter.

🔍 Zacks Research upgraded Onto Innovation to a 'strong-buy' rating on July 14th.

🔍 Freedom Capital upgraded the stock to a 'strong-buy' rating on June 17th.

💰 B. Riley Financial raised its price objective from $275.00 to $310.00 with a 'buy' rating.

💰 Needham & Company LLC increased its target price from $320.00 to $330.00.

💰 Jefferies Financial Group issued a 'buy' rating with a $350.00 target price.

📊 The stock currently holds an average analyst rating of 'Buy' with a consensus target price of $339.60.

📈 Onto Innovation reported Q1 EPS of $1.42, beating the consensus estimate of $1.38.

💵 Revenue for the quarter reached $291.95 million, representing a 9.5% increase year-over-year.

📉 The company posted a net margin of 10.32% and a return on equity of 11.68%.

🔮 Sell-side analysts forecast full-year earnings per share of $7.14 for the current fiscal year.

🏢 Onto Innovation serves as a global supplier of advanced process control and inspection systems for semiconductor manufacturers.

🛠️ Key product offerings include high-throughput wafer metrology, defect inspection platforms, and mask repair tools.

📉 The stock traded at $278.45 on Tuesday, with a 50-day moving average of $295.27.

📈 The company's stock price has ranged between a one-year low of $89.40 and a high of $386.46.

🏦 Approximately 98.35% of the outstanding shares are owned by hedge funds and institutional investors.

Bullish Signals
  • Zacks Research upgraded Onto Innovation to a 'strong-buy' rating, signaling strong analyst confidence in the company's prospects.
  • Freedom Capital upgraded the stock to a 'strong-buy' rating, reinforcing positive sentiment among equity research firms.
  • B. Riley Financial raised its price objective from $275.00 to $310.00, indicating an expectation of significant upside.
  • Needham & Company LLC increased its target price to $330.00 and maintained a 'buy' rating on the semiconductor stock.
  • Jefferies Financial Group issued a 'buy' rating with a high $350.00 target price, suggesting strong growth potential.
  • The company beat quarterly earnings per share estimates by $0.04, reporting $1.42 EPS versus the consensus of $1.38.
  • Onto Innovation achieved revenue of $291.95 million in the quarter, demonstrating a robust 9.5% year-over-year growth rate.
  • The firm maintained healthy profitability with a net margin of 10.32% and a return on equity of 11.68%.
  • Analysts project full-year earnings of $7.14 per share, reflecting sustained confidence in the company's financial trajectory.
  • Major institutional investors like Goldman Sachs and NewEdge Advisors have significantly increased their holdings, validating the stock's appeal.
Full Analysis
Bank of New York Mellon Corp reduced its stake in Onto Innovation Inc. (NYSE:ONTO) by 5.5% in the first quarter, selling 32,988 shares to hold a remaining position of 567,805 shares valued at $116.44 million. This move contrasts with significant increases from other major institutional investors, including NewEdge Advisors LLC which grew its position by 312.5% to own 4,121 shares worth $500,000, and Goldman Sachs Group Inc., which increased holdings by 76.4% to a value of $58.52 million. Analyst sentiment remains overwhelmingly positive for Onto Innovation, with recent upgrades from Zacks Research and Freedom Capital to 'strong-buy' ratings. Price targets have been raised by B. Riley Financial, Needham & Company LLC, and Jefferies Financial Group, establishing an average target price of $339.60 against a current market capitalization of $13.85 billion. The stock currently trades with a P/E ratio of 130.12 and a beta of 1.55. Financially, Onto Innovation reported strong quarterly performance in May, beating earnings per share estimates by $0.04 to report $1.42 EPS on revenue of $291.95 million. Revenue grew 9.5% year-over-year, while the company maintained a net margin of 10.32% and a return on equity of 11.68%. Analysts project full-year earnings of $7.14 per share, reflecting confidence in the semiconductor equipment maker's growth trajectory.