Novanta Inc (NASDAQ:NOVT) Shares Acquired by Meritage Portfolio Management

Meritage Portfolio Management lifted its position in shares of Novanta Inc (NASDAQ:NOVT) by 1.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 93,056 shares of the technology company’s stock after buying an additional 1,503 shares during the period. Novanta makes up about 0.9% of Meritage Portfolio Management’s holdings, making the stock its 24th biggest holding. Meritage Portfolio Management owned 0.27% of Novanta worth $8,775,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NOVT. Norris Perne & French LLP MI increased its holdings in Novanta by 4.7% in the 1st quarter. Norris Perne & French LLP MI now owns 77,740 shares of the technology company’s stock valued at $6,587,000 after purchasing an additional 3,485 shares in the last quarter. Federated Investors Inc. PA increased its holdings in Novanta by 31.8% in the 1st quarter. Federated Investors Inc. PA now owns 160,000 shares of the technology company’s stock valued at $13,557,000 after purchasing an additional 38,600 shares in the last quarter. Geode Capital Management LLC increased its holdings in Novanta by 11.1% in the 4th quarter. Geode Capital Management LLC now owns 379,215 shares of the technology company’s stock valued at $23,890,000 after purchasing an additional 37,821 shares in the last quarter. Bank of America Corp DE increased its holdings in Novanta by 0.8% in the 4th quarter. Bank of America Corp DE now owns 120,776 shares of the technology company’s stock valued at $7,610,000 after purchasing an additional 996 shares in the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Novanta by 1.1% in 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 purchasing an additional 2,300 shares in the last quarter. Institutional investors and hedge funds own 86.50% of the company’s stock.

NASDAQ:NOVT opened at $70.76 on Friday. The company has a current ratio of 2.89, a quick ratio of 1.78 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average price of $87.20. The stock has a market cap of $2.57 billion, a PE ratio of 32.76 and a beta of 1.49. Novanta Inc has a 1-year low of $55.68 and a 1-year high of $96.31.

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

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

Several analysts recently issued reports on the company. BidaskClub downgraded Novanta from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research downgraded Novanta from a “hold” rating to a “sell” rating in a report on Saturday.

Novanta Company 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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