Oppenheimer Asset Management Inc. trimmed its position in Novanta Inc. (NASDAQ:NOVT) by 52.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,972 shares of the technology company’s stock after selling 14,185 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Novanta were worth $467,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. BNP Paribas Arbitrage SA boosted its stake in Novanta by 2,150.3% in the second quarter. BNP Paribas Arbitrage SA now owns 4,073 shares of the technology company’s stock valued at $147,000 after acquiring an additional 3,892 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Novanta by 19.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,822 shares of the technology company’s stock valued at $210,000 after acquiring an additional 938 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Novanta in the second quarter valued at approximately $238,000. Victory Capital Management Inc. boosted its stake in Novanta by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,843 shares of the technology company’s stock valued at $246,000 after acquiring an additional 1,024 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Novanta by 4.8% in the second quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock valued at $275,000 after acquiring an additional 353 shares in the last quarter. Institutional investors own 79.01% of the company’s stock.
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Shares of Novanta Inc. (NOVT) opened at 42.70 on Friday. Novanta Inc. has a 52 week low of $16.55 and a 52 week high of $42.74. The firm has a 50-day moving average of $37.93 and a 200 day moving average of $32.77. The firm has a market capitalization of $1.48 billion, a P/E ratio of 27.15 and a beta of 1.33.
Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. Novanta had a net margin of 13.86% and a return on equity of 17.11%. The company had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $111.40 million. During the same quarter in the previous year, the business posted $0.27 EPS. The firm’s revenue was up 21.9% on a year-over-year basis. On average, equities research analysts expect that Novanta Inc. will post $1.41 EPS for the current fiscal year.
Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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