Franklin Resources Inc. Boosts Stake in Novanta Inc. (NASDAQ:NOVT)

Franklin Resources Inc. raised its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 61.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 214,893 shares of the technology company's stock after purchasing an additional 81,942 shares during the quarter. Franklin Resources Inc. owned 0.60% of Novanta worth $37,916,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in NOVT. GAMMA Investing LLC increased its holdings in Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company's stock valued at $42,000 after purchasing an additional 59 shares during the period. Essex Investment Management Co. LLC grew its position in shares of Novanta by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 23,379 shares of the technology company's stock valued at $4,183,000 after buying an additional 80 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Novanta by 2.6% in the second quarter. Bank of Montreal Can now owns 3,598 shares of the technology company's stock valued at $599,000 after buying an additional 90 shares during the period. Victory Capital Management Inc. raised its position in shares of Novanta by 1.3% during the second quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company's stock worth $1,228,000 after acquiring an additional 99 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company's stock worth $59,000 after acquiring an additional 100 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Trading Down 5.6 %

Novanta stock traded down $9.24 during trading hours on Wednesday, reaching $156.41. 232,596 shares of the company's stock were exchanged, compared to its average volume of 147,773. The firm has a market capitalization of $5.62 billion, a PE ratio of 93.66 and a beta of 1.26. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The firm's 50 day simple moving average is $170.92 and its 200 day simple moving average is $171.32. Novanta Inc. has a twelve month low of $146.86 and a twelve month high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $244.40 million during the quarter, compared to analysts' expectations of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm's revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.85 earnings per share. Research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Insider Buying and Selling at Novanta

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company's stock, valued at approximately $20,954,110.19. This trade represents a 2.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthijs Glastra sold 7,500 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $179.70, for a total value of $1,347,750.00. Following the transaction, the chief executive officer now directly owns 56,382 shares in the company, valued at $10,131,845.40. The trade was a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,271 shares of company stock valued at $2,185,107. Corporate insiders own 1.20% of the company's stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price target on shares of Novanta from $175.00 to $169.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 6th.

Novanta Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.