Renaissance Technologies LLC lowered its stake in Novanta Inc (NASDAQ:NOVT) by 22.7% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 846,900 shares of the technology company’s stock after selling 248,607 shares during the quarter. Renaissance Technologies LLC’s holdings in Novanta were worth $52,762,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NOVT. OppenheimerFunds Inc. bought a new position in Novanta in the 1st quarter worth about $19,898,000. Conestoga Capital Advisors LLC bought a new position in Novanta in the 2nd quarter worth about $22,610,000. Janus Henderson Group PLC bought a new position in Novanta in the 2nd quarter worth about $18,043,000. Stifel Financial Corp bought a new position in Novanta in the 1st quarter worth about $15,023,000. Finally, KAMES CAPITAL plc bought a new position in Novanta in the 1st quarter worth about $14,613,000. Institutional investors and hedge funds own 85.76% of the company’s stock.

In other Novanta news, VP Peter L. Chang sold 3,680 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $70.63, for a total value of $259,918.40. Following the sale, the vice president now owns 36,132 shares of the company’s stock, valued at approximately $2,552,003.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 6.70% of the company’s stock.

Several research analysts have commented on NOVT shares. BidaskClub downgraded Novanta from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 26th. Zacks Investment Research downgraded Novanta from a “buy” rating to a “hold” rating in a research note on Wednesday, July 11th.

NASDAQ:NOVT opened at $75.05 on Thursday. Novanta Inc has a twelve month low of $40.50 and a twelve month high of $78.85. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 46.91 and a beta of 1.60. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.14 and a current ratio of 3.18.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. Novanta had a return on equity of 19.99% and a net margin of 5.14%. The firm had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $147.26 million. During the same quarter last year, the firm posted $0.41 EPS. The company’s revenue was up 26.3% compared to the same quarter last year. research analysts expect that Novanta Inc will post 2 earnings per share for the current fiscal year.

Novanta Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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