Geneva Capital Management Boosts Stake in Onto Innovation

2 min read | November 12, 2024 03:58 PM PST | By Team Kalkine Media

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Geneva Capital Management Boosts Stake in Onto Innovation — Image source: Shutterstock

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Geneva Capital Management LLC increases its holdings in Onto Innovation (NYSE:ONTO).

Onto Innovation's semiconductor stock sees significant institutional interest.

Institutional investors own the majority of Onto Innovation shares.

Geneva Capital Management LLC Expands Position in Onto Innovation

Geneva Capital Management LLC has increased its position in Onto Innovation Inc.,one of the leading semiconductor companies, by 2.6% in the third quarter. This move follows the purchase of additional shares, bringing the total shares owned to 939,641. Onto Innovation now represents 3.3% of Geneva's portfolio, making it the second-largest holding.

In the most recent filing with the SEC, Geneva reported owning a total stake valued at approximately $195 million in Onto Innovation. This reflects the growing interest in the company, especially as the semiconductor sector continues to play a crucial role in technology advancements.

Several other institutional investors have also shown a strong interest in Onto Innovation, further strengthening its position. Quarry LP, for example, significantly increased its stake in the second quarter, acquiring a 232.4% boost in shares. Similarly, Northwestern Mutual Wealth Management Co. grew its position by 675%, highlighting the appeal of Onto Innovation to a broad range of institutional investors.

Additionally, LGT Financial Advisors LLC raised its holdings by over 58%, while Fifth Third Bancorp also increased its stake by more than 40%. Eastern Bank, too, purchased a new stake in Onto Innovation in the third quarter, marking an ongoing trend of institutional support for the company.

Currently, institutional investors own approximately 98.35% of Onto Innovation's outstanding shares, indicating the significant institutional confidence in the company. The growing institutional support for Onto Innovation is a strong indicator of its potential as a leader in the semiconductor industry, with continued growth driven by advancements in technology and innovation.

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