Novanta Inc. (NASDAQ:NOVT) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. has significantly reduced its stake in Novanta Inc. by 64.6% during the first quarter, selling 5,904 shares and owning 3,229 shares valued at approximately $413,000.
• Other institutional investors have increased their stakes, with T. Rowe Price boosting its position by 69.9% and Millennium Management LLC increasing theirs by a remarkable 2,714.7% in the fourth quarter.
• Novanta's latest quarterly earnings beat consensus estimates with a reported $0.74 earnings per share, and the company's revenue showed a modest increase of 1.1% year-over-year.

Pacer Advisors Inc. lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 64.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,229 shares of the technology company's stock after selling 5,904 shares during the period. Pacer Advisors Inc.'s holdings in Novanta were worth $413,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of NOVT. Avantax Advisory Services Inc. increased its position in Novanta by 11.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 8,267 shares of the technology company's stock worth $1,057,000 after purchasing an additional 854 shares in the last quarter. Kornitzer Capital Management Inc. KS increased its stake in shares of Novanta by 77.3% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 59,255 shares of the technology company's stock valued at $7,577,000 after acquiring an additional 25,840 shares during the last quarter. Signaturefd LLC boosted its position in shares of Novanta by 80.0% in the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock worth $53,000 after acquiring an additional 184 shares during the last quarter. Edgestream Partners L.P. grew its holdings in Novanta by 62.6% in the first quarter. Edgestream Partners L.P. now owns 92,095 shares of the technology company's stock valued at $11,776,000 after purchasing an additional 35,447 shares during the period. Finally, CWM LLC increased its position in Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company's stock worth $52,000 after purchasing an additional 310 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Trading Down 5.4%

NOVT traded down $6.70 on Tuesday, reaching $117.31. 545,171 shares of the company's stock were exchanged, compared to its average volume of 275,877. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 59.90 and a beta of 1.48. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $186.75. The company's 50 day moving average is $126.07 and its 200-day moving average is $130.08.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.74 by $0.02. The business had revenue of $241.05 million for the quarter, compared to the consensus estimate of $237.97 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The company's revenue was up 2.2% on a year-over-year basis. During the same period last year, the business posted $0.73 EPS. Equities analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a research report on Sunday.

Novanta Company 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.