Westwood Holdings Group Inc. Has $30.65 Million Stake in Novanta Inc (NASDAQ:NOVT)

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Westwood Holdings Group Inc. decreased its position in Novanta Inc (NASDAQ:NOVT) by 22.5% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 325,024 shares of the technology company’s stock after selling 94,482 shares during the period. Westwood Holdings Group Inc.’s holdings in Novanta were worth $30,650,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in Novanta by 11.1% in the fourth quarter. Geode Capital Management LLC now owns 379,215 shares of the technology company’s stock valued at $23,890,000 after buying an additional 37,821 shares during the period. New York State Common Retirement Fund lifted its position in shares of Novanta by 1.1% during the 1st quarter. New York State Common Retirement Fund now owns 206,216 shares of the technology company’s stock valued at $17,473,000 after acquiring an additional 2,300 shares during the period. Penserra Capital Management LLC acquired a new position in shares of Novanta during the 1st quarter valued at $484,000. Timpani Capital Management LLC acquired a new position in shares of Novanta during the 1st quarter valued at $2,743,000. Finally, Artisan Partners Limited Partnership lifted its position in shares of Novanta by 2.4% during the 1st quarter. Artisan Partners Limited Partnership now owns 815,425 shares of the technology company’s stock valued at $69,091,000 after acquiring an additional 18,898 shares during the period. Institutional investors and hedge funds own 87.26% of the company’s stock.

Shares of NASDAQ NOVT traded up $0.79 during trading on Friday, hitting $85.42. 244,768 shares of the company traded hands, compared to its average volume of 137,047. The business’s fifty day moving average is $76.57 and its 200 day moving average is $83.35. Novanta Inc has a fifty-two week low of $55.68 and a fifty-two week high of $96.31. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.74 and a current ratio of 2.89. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 37.59 and a beta of 1.51.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.54 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.54. Novanta had a return on equity of 19.49% and a net margin of 7.76%. The business had revenue of $155.10 million for the quarter, compared to the consensus estimate of $154.47 million. During the same period in the prior year, the business earned $0.51 EPS. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, analysts predict that Novanta Inc will post 2.22 EPS for the current year.

In other news, CFO Robert Buckley sold 16,277 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the transaction, the chief financial officer now directly owns 158,803 shares of the company’s stock, valued at $14,460,601.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthijs Glastra sold 30,100 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $93.21, for a total value of $2,805,621.00. Following the transaction, the chief executive officer now directly owns 123,448 shares in the company, valued at $11,506,588.08. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

A number of research analysts recently issued reports on NOVT shares. Zacks Investment Research downgraded shares of Novanta from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. BidaskClub upgraded shares of Novanta from a “sell” rating to a “hold” rating in a report on Saturday, September 14th.

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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