Novanta Inc (NOVT) Stake Lifted by OppenheimerFunds Inc.

OppenheimerFunds Inc. lifted its holdings in shares of Novanta Inc (NASDAQ:NOVT) by 22.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 466,290 shares of the technology company’s stock after purchasing an additional 84,744 shares during the quarter. OppenheimerFunds Inc. owned 1.35% of Novanta worth $29,049,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. lifted its position in Novanta by 6.0% in the 2nd quarter. BlackRock Inc. now owns 2,171,173 shares of the technology company’s stock worth $135,264,000 after buying an additional 123,401 shares during the last quarter. Neuberger Berman Group LLC lifted its position in Novanta by 22.9% in the 1st quarter. Neuberger Berman Group LLC now owns 1,317,701 shares of the technology company’s stock worth $68,718,000 after buying an additional 245,115 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Novanta by 2.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,060,073 shares of the technology company’s stock worth $55,283,000 after buying an additional 22,134 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in Novanta by 0.9% in the 2nd quarter. Artisan Partners Limited Partnership now owns 770,587 shares of the technology company’s stock worth $48,008,000 after buying an additional 6,757 shares during the last quarter. Finally, Westwood Holdings Group Inc. lifted its position in Novanta by 0.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 553,591 shares of the technology company’s stock worth $28,870,000 after buying an additional 1,470 shares during the last quarter. 85.76% of the stock is owned by institutional investors.

Shares of NOVT stock opened at $74.15 on Friday. 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 fifty-two week low of $41.90 and a fifty-two week high of $78.85. The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 40.13 and a beta of 1.60.

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

In other Novanta news, VP Peter L. Chang sold 3,680 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $2,552,003.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.70% of the company’s stock.

NOVT has been the subject of several recent research reports. BidaskClub downgraded Novanta from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 25th. Zacks Investment Research downgraded Novanta from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th.

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.

Further Reading: Growth Stocks

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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