Paradice Investment Management LLC Sells 47,925 Shares of Novanta Inc. (NOVT)
Paradice Investment Management LLC lowered its position in shares of Novanta Inc. (NASDAQ:NOVT) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,970,468 shares of the technology company’s stock after selling 47,925 shares during the period. Novanta makes up about 5.6% of Paradice Investment Management LLC’s holdings, making the stock its 5th largest position. Paradice Investment Management LLC owned 5.70% of Novanta worth $70,937,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its position in Novanta by 2,150.3% in the second quarter. BNP Paribas Arbitrage SA now owns 4,073 shares of the technology company’s stock worth $147,000 after buying an additional 3,892 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Novanta by 19.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,822 shares of the technology company’s stock worth $210,000 after buying an additional 938 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new position in Novanta during the second quarter worth approximately $238,000. Victory Capital Management Inc. raised its position in Novanta by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,843 shares of the technology company’s stock worth $246,000 after buying an additional 1,024 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Novanta by 4.8% in the second quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock worth $275,000 after buying an additional 353 shares during the last quarter. 78.97% of the stock is owned by institutional investors and hedge funds.
Novanta Inc. (NASDAQ NOVT) opened at 38.10 on Tuesday. Novanta Inc. has a 52-week low of $16.26 and a 52-week high of $39.65. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 24.22 and a beta of 1.30. The firm’s 50-day moving average price is $37.44 and its 200-day moving average price is $31.64.
Novanta (NASDAQ:NOVT) last released its earnings results on Thursday, August 3rd. The technology company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.09. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $111.40 million. Novanta had a net margin of 13.86% and a return on equity of 17.11%. The firm’s quarterly revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 EPS. On average, equities analysts anticipate that Novanta Inc. will post $1.41 EPS for the current year.
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Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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