Federated Hermes Inc. Sells 230,151 Shares of Novanta Inc. (NASDAQ:NOVT)

Federated Hermes Inc. reduced its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 70.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,376 shares of the technology company's stock after selling 230,151 shares during the quarter. Federated Hermes Inc. owned about 0.26% of Novanta worth $15,894,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NOVT. Operose Advisors LLC bought a new position in Novanta in the third quarter valued at approximately $34,000. Fifth Third Bancorp boosted its stake in Novanta by 16.7% in the third quarter. Fifth Third Bancorp now owns 721 shares of the technology company's stock valued at $103,000 after acquiring an additional 103 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in Novanta in the fourth quarter valued at approximately $206,000. OneAscent Financial Services LLC bought a new position in Novanta in the fourth quarter valued at approximately $206,000. Finally, Aigen Investment Management LP bought a new position in Novanta in the third quarter valued at approximately $221,000. 98.35% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Matthijs Glastra sold 5,000 shares of the firm's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $172.00, for a total transaction of $860,000.00. Following the sale, the chief executive officer now directly owns 24,572 shares in the company, valued at $4,226,384. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Robert Buckley sold 1,500 shares of the firm's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $160.23, for a total transaction of $240,345.00. Following the sale, the chief financial officer now directly owns 120,159 shares in the company, valued at $19,253,076.57. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthijs Glastra sold 5,000 shares of the firm's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $172.00, for a total transaction of $860,000.00. Following the sale, the chief executive officer now owns 24,572 shares in the company, valued at $4,226,384. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,000 shares of company stock worth $1,846,160. Company insiders own 1.20% of the company's stock.

Novanta Trading Up 4.1 %

NOVT traded up $6.27 during mid-day trading on Tuesday, hitting $159.38. The stock had a trading volume of 165,577 shares, compared to its average volume of 131,307. The stock's fifty day simple moving average is $167.08 and its 200-day simple moving average is $156.45. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.98 and a quick ratio of 1.91. The firm has a market capitalization of $5.71 billion, a price-to-earnings ratio of 78.51 and a beta of 1.33. Novanta Inc. has a 1-year low of $111.20 and a 1-year high of $187.60.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its earnings results on Wednesday, February 28th. The technology company reported $0.63 earnings per share for the quarter, hitting the consensus estimate of $0.63. The company had revenue of $211.60 million for the quarter, compared to analyst estimates of $210.90 million. Novanta had a net margin of 8.27% and a return on equity of 17.15%. The business's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the business posted $0.75 earnings per share. As a group, research analysts forecast that Novanta Inc. will post 3.22 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, TheStreet raised shares of Novanta from a "c+" rating to a "b-" rating in a research note on Thursday, December 28th.

About Novanta

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.