Bank of New York Mellon Corp Lowers Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Bank of New York Mellon Corp reduced its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 262,400 shares of the technology company's stock after selling 15,281 shares during the quarter. Bank of New York Mellon Corp owned about 0.73% of Novanta worth $33,553,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NOVT. Raymond James Financial Inc. purchased a new position in Novanta during the 4th quarter valued at about $7,901,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Novanta by 11.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,092 shares of the technology company's stock valued at $1,389,000 after acquiring an additional 945 shares in the last quarter. Swiss National Bank grew its stake in Novanta by 0.7% during the 4th quarter. Swiss National Bank now owns 70,600 shares of the technology company's stock valued at $10,786,000 after acquiring an additional 500 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Novanta by 5.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock valued at $258,000 after acquiring an additional 90 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new position in Novanta during the 4th quarter valued at about $513,000. 98.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a report on Friday, June 6th.

Novanta Trading Down 2.5%

NASDAQ:NOVT traded down $3.10 during mid-day trading on Friday, hitting $122.96. The company had a trading volume of 352,779 shares, compared to its average volume of 225,079. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.00. The business's fifty day moving average is $126.84 and its two-hundred day moving average is $132.14. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56. The firm has a market cap of $4.42 billion, a P/E ratio of 62.74 and a beta of 1.45.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.68 by $0.06. The company had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The firm's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.74 EPS. As a group, research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.