Bank of New York Mellon Corp lowered its stake in shares of Novanta Inc. (<a>NASDAQ:NOVT</a> – <a>Free Report</a>) by 5.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 262,400 shares of the technology company’s stock after selling 15,281 shares during the quarter. Bank of New York Mellon Corp owned about 0.73% of Novanta worth $33,553,000 at the end of the most recent quarter. \n\nA number of other institutional investors and hedge funds also recently modified their holdings of NOVT. Envestnet Portfolio Solutions Inc. increased its position in Novanta by 5.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company’s stock worth $258,000 after purchasing an additional 90 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Novanta by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company’s stock worth $537,000 after acquiring an additional 105 shares during the period. State of Wyoming boosted its holdings in Novanta by 4.4% in the 4th quarter. State of Wyoming now owns 2,536 shares of the technology company’s stock worth $387,000 after acquiring an additional 106 shares during the period. Huntington National Bank boosted its holdings in Novanta by 53.6% in the 4th quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after acquiring an additional 150 shares during the period. Finally, Parallel Advisors LLC boosted its stake in shares of Novanta by 1,426.7% during the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company’s stock valued at $29,000 after buying an additional 214 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock. \n\nShares of <a>NOVT stock</a> opened at $124.72 on Wednesday. The stock’s 50 day simple moving average is $126.63 and its 200 day simple moving average is $132.57. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $187.12. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 63.63 and a beta of 1.45. \n\nNovanta (<a>NASDAQ:NOVT</a> – <a>Get Free Report</a>) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.06. The company had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. Novanta’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.74 EPS. As a group, research analysts predict that Novanta Inc. will post 3.03 EPS for the current year. \n\nSeparately, <a>Wall Street Zen</a> raised Novanta from a “hold” rating to a “buy” rating in a research report on Friday, June 6th.

Novanta Inc. (NASDAQ:NOVT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in Novanta Inc. by 5.5% in Q1, while other institutional investors adjusted their holdings. Novanta reported Q2 earnings exceeding estimates, with a 1.1% revenue increase and a 63.63 P/E ratio. Wall Street Zen upgraded Novanta's rating to 'buy' following strong performance.