Russell Investments Group Ltd. trimmed its holdings in Novanta Inc (NASDAQ:NOVT) by 31.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,940 shares of the technology company’s stock after selling 36,092 shares during the quarter. Russell Investments Group Ltd. owned about 0.23% of Novanta worth $3,398,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NOVT. TD Asset Management Inc. raised its holdings in shares of Novanta by 35.7% in the second quarter. TD Asset Management Inc. now owns 59,244 shares of the technology company’s stock valued at $2,133,000 after buying an additional 15,600 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of Novanta by 9.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 126,383 shares of the technology company’s stock valued at $4,550,000 after buying an additional 10,863 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Novanta by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 511,970 shares of the technology company’s stock valued at $18,431,000 after buying an additional 16,525 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Novanta by 4.8% in the second quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock valued at $275,000 after buying an additional 353 shares during the last quarter. Finally, Comerica Bank bought a new position in shares of Novanta in the second quarter valued at about $1,514,000. 79.01% of the stock is owned by institutional investors and hedge funds.

A number of research analysts recently issued reports on NOVT shares. BidaskClub cut Novanta from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Robert W. Baird started coverage on Novanta in a report on Thursday, December 7th. They issued an “outperform” rating and a $54.00 price target for the company.

In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the completion of the sale, the director now directly owns 1,711,648 shares of the company’s stock, valued at approximately $89,947,102.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.30% of the company’s stock.

Novanta Inc (NASDAQ:NOVT) opened at $52.45 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.76. Novanta Inc has a twelve month low of $20.13 and a twelve month high of $55.10. The stock has a market capitalization of $1,717.50, a PE ratio of 32.66 and a beta of 1.27.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The firm had revenue of $146.30 million during the quarter, compared to analysts’ expectations of $132.10 million. Novanta had a return on equity of 18.29% and a net margin of 12.45%. The company’s quarterly revenue was up 49.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.29 EPS. research analysts predict that Novanta Inc will post 1.58 EPS for the current fiscal year.

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About Novanta

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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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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