Empowered Funds LLC Sells 3,470 Shares of Novanta Inc (NOVT)

Empowered Funds LLC trimmed its stake in Novanta Inc (NASDAQ:NOVT) by 14.0% during the third quarter, Holdings Channel reports. The fund owned 21,370 shares of the technology company’s stock after selling 3,470 shares during the period. Empowered Funds LLC’s holdings in Novanta were worth $1,465,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of NOVT. Conestoga Capital Advisors LLC acquired a new position in shares of Novanta in the 2nd quarter worth $22,610,000. Janus Henderson Group PLC acquired a new position in shares of Novanta in the 2nd quarter worth $18,043,000. Legal & General Group Plc grew its holdings in shares of Novanta by 2,977.0% in the 1st quarter. Legal & General Group Plc now owns 247,363 shares of the technology company’s stock worth $12,900,000 after acquiring an additional 239,324 shares during the last quarter. KAMES CAPITAL plc grew its holdings in shares of Novanta by 78.1% in the 2nd quarter. KAMES CAPITAL plc now owns 499,341 shares of the technology company’s stock worth $31,096,000 after acquiring an additional 218,927 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado acquired a new position in shares of Novanta in the 2nd quarter worth $12,647,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

A number of brokerages recently issued reports on NOVT. Zacks Investment Research cut Novanta from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. ValuEngine cut Novanta from a “buy” rating to a “hold” rating in a report on Saturday, October 6th. Finally, BidaskClub cut Novanta from a “buy” rating to a “hold” rating in a report on Saturday, September 29th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Novanta has a consensus rating of “Hold” and a consensus price target of $64.00.

In other news, VP Peter L. Chang sold 3,680 shares of the firm’s stock in a transaction on Friday, August 17th. The stock was sold at an average price of $70.63, for a total value of $259,918.40. Following the completion of the sale, the vice president now owns 36,132 shares of the company’s stock, valued at $2,552,003.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Robert Buckley sold 13,487 shares of the firm’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $72.90, for a total value of $983,202.30. Following the completion of the sale, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at approximately $11,447,268.30. The disclosure for this sale can be found here. Company insiders own 6.70% of the company’s stock.

Shares of Novanta stock opened at $66.25 on Friday. The firm has a market capitalization of $2.33 billion, a PE ratio of 35.97 and a beta of 1.59. The company has a quick ratio of 2.14, a current ratio of 3.18 and a debt-to-equity ratio of 0.61. Novanta Inc has a 12 month low of $43.65 and a 12 month high of $78.85.

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

About Novanta

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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