Bank of New York Mellon Corp Sells 3,239 Shares of Novanta Inc. (NASDAQ:NOVT)

Bank of New York Mellon Corp lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 1.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 277,681 shares of the technology company's stock after selling 3,239 shares during the period. Bank of New York Mellon Corp owned 0.77% of Novanta worth $42,421,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NOVT. State of Alaska Department of Revenue grew its holdings in Novanta by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 4,151 shares of the technology company's stock worth $742,000 after acquiring an additional 280 shares during the last quarter. US Bancorp DE grew its stake in shares of Novanta by 12.7% during the third quarter. US Bancorp DE now owns 5,324 shares of the technology company's stock valued at $953,000 after purchasing an additional 601 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Novanta by 28.4% during the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock valued at $166,000 after purchasing an additional 213 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Novanta by 13.1% in the third quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company's stock valued at $1,523,000 after purchasing an additional 986 shares in the last quarter. Finally, Geneva Capital Management LLC raised its position in Novanta by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company's stock worth $139,566,000 after purchasing an additional 8,574 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Novanta Trading Down 1.6 %

NOVT stock traded down $2.24 during midday trading on Monday, reaching $140.75. The stock had a trading volume of 252,309 shares, compared to its average volume of 162,113. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a twelve month low of $136.02 and a twelve month high of $187.12. The firm has a market cap of $5.06 billion, a price-to-earnings ratio of 84.28 and a beta of 1.34. The business has a fifty day simple moving average of $147.35 and a two-hundred day simple moving average of $162.88.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same period in the previous year, the firm posted $0.63 earnings per share. Novanta's revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, research analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird decreased their price objective on Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd.

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.