Wade G W & Inc. Has $290,000 Holdings in Novanta Inc (NOVT)

Wade G W & Inc. decreased its position in Novanta Inc (NASDAQ:NOVT) by 4.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 4,608 shares of the technology company’s stock after selling 223 shares during the quarter. Wade G W & Inc.’s holdings in Novanta were worth $290,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Eagle Asset Management Inc. purchased a new position in shares of Novanta in the third quarter valued at about $8,420,000. Jefferies Group LLC purchased a new position in shares of Novanta in the third quarter valued at about $312,000. Juncture Wealth Strategies LLC purchased a new position in shares of Novanta during the fourth quarter valued at about $524,000. Vanguard Group Inc increased its position in shares of Novanta by 36.3% during the third quarter. Vanguard Group Inc now owns 2,951,177 shares of the technology company’s stock valued at $201,861,000 after buying an additional 785,554 shares during the period. Finally, Man Group plc purchased a new position in shares of Novanta during the third quarter valued at about $237,000. Hedge funds and other institutional investors own 83.12% of the company’s stock.

In related news, Director Stephen W. Bershad sold 500,000 shares of the business’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $68.15, for a total transaction of $34,075,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 6.70% of the stock is owned by insiders.

Shares of NASDAQ NOVT traded down $0.26 during midday trading on Monday, hitting $70.59. 453 shares of the company traded hands, compared to its average volume of 113,567. Novanta Inc has a 12-month low of $48.40 and a 12-month high of $78.85. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.89 and a quick ratio of 1.97. The stock has a market capitalization of $2.47 billion, a P/E ratio of 44.09 and a beta of 1.50.

Several brokerages recently issued reports on NOVT. Zacks Investment Research upgraded shares of Novanta from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Wednesday, February 6th. BidaskClub upgraded shares of Novanta from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 2nd. Finally, ValuEngine upgraded shares of Novanta from a “hold” rating to a “buy” rating in a research report on Wednesday, October 31st. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $68.00.

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Novanta Company Profile

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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