Renaissance Technologies LLC Sells 90,000 Shares of Novanta Inc (NASDAQ:NOVT)

Renaissance Technologies LLC trimmed its stake in Novanta Inc (NASDAQ:NOVT) by 18.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 385,400 shares of the technology company’s stock after selling 90,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Novanta were worth $36,343,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Investors Inc. PA increased its position in Novanta by 31.8% during the 1st quarter. Federated Investors Inc. PA now owns 160,000 shares of the technology company’s stock valued at $13,557,000 after buying an additional 38,600 shares in the last quarter. Yorktown Management & Research Co Inc increased its position in Novanta by 7.1% during the 2nd quarter. Yorktown Management & Research Co Inc now owns 12,688 shares of the technology company’s stock valued at $1,196,000 after buying an additional 843 shares in the last quarter. Eqis Capital Management Inc. increased its position in Novanta by 33.2% during the 2nd quarter. Eqis Capital Management Inc. now owns 3,283 shares of the technology company’s stock valued at $310,000 after buying an additional 818 shares in the last quarter. Geode Capital Management LLC increased its position in Novanta by 11.1% during the 4th 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 in the last quarter. Finally, Creative Planning increased its position in Novanta by 23.4% during the 2nd quarter. Creative Planning now owns 11,970 shares of the technology company’s stock valued at $1,129,000 after buying an additional 2,270 shares in the last quarter. 89.23% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:NOVT traded up $0.10 during mid-day trading on Friday, hitting $82.33. 2,857 shares of the company’s stock traded hands, compared to its average volume of 153,278. The company has a fifty day moving average of $77.23 and a 200 day moving average of $83.23. Novanta Inc has a twelve month low of $55.68 and a twelve month high of $96.31. The company has a market capitalization of $2.76 billion, a P/E ratio of 38.31 and a beta of 1.51. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.74 and a current ratio of 2.89.

Novanta (NASDAQ:NOVT) last announced 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 business had revenue of $155.10 million for the quarter, compared to analyst estimates of $154.47 million. Novanta had a return on equity of 19.49% and a net margin of 7.76%. The company’s revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.51 earnings per share. On average, research analysts expect that Novanta Inc will post 2.22 earnings per share for the current fiscal year.

NOVT has been the topic of several recent analyst reports. BidaskClub lowered Novanta from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Zacks Investment Research lowered Novanta from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th.

In other news, CFO Robert Buckley sold 16,277 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $91.06, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthijs Glastra sold 30,100 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $93.21, for a total value of $2,805,621.00. Following the completion of 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 currently owned by corporate insiders.

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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