Oppenheimer Asset Management Inc. Increases Stock Holdings in Novanta Inc (NASDAQ:NOVT)

Oppenheimer Asset Management Inc. increased its stake in shares of Novanta Inc (NASDAQ:NOVT) by 125.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,361 shares of the technology company’s stock after buying an additional 2,982 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Novanta were worth $506,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in NOVT. Bessemer Group Inc. purchased a new position in Novanta during the 2nd quarter worth $151,000. Strs Ohio raised its holdings in shares of Novanta by 340.0% in the first quarter. Strs Ohio now owns 2,200 shares of the technology company’s stock valued at $186,000 after purchasing an additional 1,700 shares during the last quarter. Institute for Wealth Management LLC. bought a new position in shares of Novanta during the second quarter valued at about $211,000. BB&T Securities LLC bought a new position in shares of Novanta during the second quarter valued at about $249,000. Finally, Bank of Montreal Can bought a new position in shares of Novanta during the second quarter valued at about $265,000. Institutional investors and hedge funds own 89.23% of the company’s stock.

Shares of NOVT traded up $1.51 on Wednesday, reaching $80.23. 729 shares of the company’s stock traded hands, compared to its average volume of 156,723. The stock’s 50 day simple moving average is $77.35 and its two-hundred day simple moving average is $83.22. The stock has a market cap of $2.76 billion, a PE ratio of 37.14 and a beta of 1.51. Novanta Inc has a 52-week low of $55.68 and a 52-week high of $96.31. The company has a current ratio of 2.89, a quick ratio of 1.74 and a debt-to-equity ratio of 0.65.



Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.54 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.54. The business had revenue of $155.10 million for the quarter, compared to analysts’ expectations of $154.47 million. Novanta had a return on equity of 19.49% and a net margin of 7.76%. The business’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.51 earnings per share. Analysts forecast that Novanta Inc will post 2.22 earnings per share for the current year.

A number of brokerages have issued reports on NOVT. BidaskClub downgraded shares of Novanta from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Zacks Investment Research lowered shares of Novanta from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th.

In other Novanta news, CEO Matthijs Glastra sold 30,100 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $93.21, for a total value of $2,805,621.00. Following the transaction, the chief executive officer now directly owns 123,448 shares in the company, valued at $11,506,588.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Robert Buckley sold 16,277 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the transaction, the chief financial officer now directly owns 158,803 shares of the company’s stock, valued at $14,460,601.18. The disclosure for this sale can be found here. Company insiders own 4.90% of the company’s stock.

About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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