Bank of New York Mellon Corp Sells 15,281 Shares of Novanta Inc. (NASDAQ:NOVT)

Bank of New York Mellon Corp cut its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 5.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm 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 0.73% of Novanta worth $33,553,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Principal Financial Group Inc. raised its stake in shares of Novanta by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock valued at $11,710,000 after acquiring an additional 797 shares in the last quarter. Teacher Retirement System of Texas bought a new stake in shares of Novanta during the first quarter valued at approximately $818,000. Diversified Trust Co increased its position in shares of Novanta by 47.0% during the first quarter. Diversified Trust Co now owns 6,293 shares of the technology company's stock valued at $805,000 after purchasing an additional 2,011 shares during the period. Bessemer Group Inc. boosted its stake in Novanta by 4.0% in the 1st quarter. Bessemer Group Inc. now owns 151,430 shares of the technology company's stock valued at $19,362,000 after buying an additional 5,818 shares in the last quarter. Finally, WoodTrust Financial Corp boosted its stake in Novanta by 11.5% in the 1st quarter. WoodTrust Financial Corp now owns 2,433 shares of the technology company's stock valued at $311,000 after buying an additional 250 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Trading Up 0.8%

NASDAQ NOVT traded up $0.95 on Thursday, reaching $126.05. The company had a trading volume of 89,647 shares, compared to its average volume of 223,511. The stock's 50 day moving average is $126.76 and its 200-day moving average is $132.52. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of 64.29 and a beta of 1.45. The company has a quick ratio of 1.70, a current ratio of 2.56 and a debt-to-equity ratio of 0.50. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share (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 company's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.74 earnings per share. Equities analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Wall Street Analyst Weigh In

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

About Novanta

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.