Renaissance Technologies LLC grew its position in Novanta Inc (NASDAQ:NOVT) by 11.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,117,700 shares of the technology company’s stock after acquiring an additional 115,100 shares during the quarter. Renaissance Technologies LLC owned about 3.23% of Novanta worth $55,885,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the company. Wells Fargo & Company MN lifted its holdings in shares of Novanta by 25.5% during the fourth quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock worth $115,139,000 after purchasing an additional 467,585 shares during the period. Artisan Partners Limited Partnership lifted its holdings in shares of Novanta by 269.5% during the third quarter. Artisan Partners Limited Partnership now owns 456,731 shares of the technology company’s stock worth $19,913,000 after purchasing an additional 333,128 shares during the period. Neuberger Berman Group LLC acquired a new stake in shares of Novanta during the third quarter worth $13,819,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Novanta by 305.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 312,675 shares of the technology company’s stock worth $15,634,000 after purchasing an additional 235,474 shares during the period. Finally, Cortina Asset Management LLC acquired a new stake in shares of Novanta during the fourth quarter worth $8,983,000. 82.74% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the company. Robert W. Baird reaffirmed a “buy” rating on shares of Novanta in a report on Thursday, March 1st. William Blair assumed coverage on Novanta in a report on Tuesday, February 27th. They set an “outperform” rating for the company. Finally, BidaskClub raised Novanta from a “hold” rating to a “buy” rating in a report on Thursday, February 22nd.
Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The firm had revenue of $146.92 million during the quarter, compared to the consensus estimate of $146.35 million. During the same period last year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 48.6% on a year-over-year basis. analysts anticipate that Novanta Inc will post 1.92 EPS for the current year.
In related news, CFO Robert Buckley sold 8,764 shares of the stock in a transaction on Monday, March 12th. The stock was sold at an average price of $56.83, for a total transaction of $498,058.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 8.30% of the stock is owned by company insiders.
Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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