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.
ILLEGAL ACTIVITY WARNING: “Wade G W & Inc. Has $290,000 Holdings in Novanta Inc (NOVT)” was first reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this report on another publication, it was stolen and reposted in violation of US and international copyright & trademark laws. The original version of this report can be viewed at https://www.dispatchtribunal.com/2019/02/11/wade-g-w-inc-has-290000-holdings-in-novanta-inc-novt.html.
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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