Federated Hermes Inc. Has $15.89 Million Stake in Novanta Inc. (NASDAQ:NOVT)

Federated Hermes Inc. lowered its holdings in Novanta Inc. (NASDAQ:NOVT) by 70.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,376 shares of the technology company’s stock after selling 230,151 shares during the period. Federated Hermes Inc. owned about 0.26% of Novanta worth $15,894,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NOVT. Daiwa Securities Group Inc. bought a new position in shares of Novanta in the 4th quarter valued at about $2,026,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Novanta by 10.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,852 shares of the technology company’s stock valued at $1,322,000 after purchasing an additional 741 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of Novanta during the 4th quarter worth approximately $1,701,000. Conestoga Capital Advisors LLC increased its position in shares of Novanta by 0.6% during the 4th quarter. Conestoga Capital Advisors LLC now owns 1,286,496 shares of the technology company’s stock worth $216,659,000 after purchasing an additional 7,460 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Novanta by 6.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,926 shares of the technology company’s stock worth $5,545,000 after purchasing an additional 2,096 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Up 2.5 %

Novanta stock opened at $153.11 on Tuesday. 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 company’s 50-day moving average is $167.00 and its 200-day moving average is $156.35. The firm has a market capitalization of $5.49 billion, a PE ratio of 75.42 and a beta of 1.33. Novanta Inc. has a fifty-two week low of $111.20 and a fifty-two week high of $187.60.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.63 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.63. Novanta had a return on equity of 17.15% and a net margin of 8.27%. The firm had revenue of $211.60 million for the quarter, compared to the consensus estimate of $210.90 million. During the same quarter in the previous year, the business earned $0.75 earnings per share. The business’s revenue was down 3.1% compared to the same quarter last year. Sell-side analysts anticipate that Novanta Inc. will post 3.22 earnings per share for the current year.

Insider Buying and Selling

In other Novanta news, 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 completion of the sale, the chief executive officer now owns 24,572 shares of the company’s stock, valued at approximately $4,226,384. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Robert Buckley sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $170.40, for a total transaction of $511,200.00. Following the completion of the sale, the chief financial officer now owns 120,419 shares in the company, valued at $20,519,397.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthijs Glastra sold 5,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $172.00, for a total value of $860,000.00. Following the transaction, the chief executive officer now owns 24,572 shares in the company, valued at approximately $4,226,384. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,000 shares of company stock valued at $1,846,160. 1.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Novanta Profile

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.