TD Asset Management Inc Sells 2,600 Shares of Novanta Inc. (NASDAQ:NOVT)

TD Asset Management Inc reduced its position in Novanta Inc. (NASDAQ:NOVT) by 18.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,696 shares of the technology company’s stock after selling 2,600 shares during the quarter. TD Asset Management Inc’s holdings in Novanta were worth $1,908,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rhumbline Advisers lifted its position in Novanta by 0.9% in the second quarter. Rhumbline Advisers now owns 113,485 shares of the technology company’s stock worth $18,511,000 after purchasing an additional 1,044 shares during the period. Van ECK Associates Corp lifted its position in Novanta by 47.6% in the second quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock worth $122,000 after purchasing an additional 242 shares during the period. Azzad Asset Management Inc. ADV lifted its position in Novanta by 11.3% in the second quarter. Azzad Asset Management Inc. ADV now owns 16,794 shares of the technology company’s stock worth $2,739,000 after purchasing an additional 1,709 shares during the period. Signaturefd LLC lifted its position in Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after purchasing an additional 100 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Novanta by 10.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,898 shares of the technology company’s stock worth $1,288,000 after purchasing an additional 767 shares during the period. 98.35% of the stock is owned by institutional investors.

Novanta Stock Performance

Novanta stock opened at $171.12 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73. The stock has a fifty day moving average price of $174.97 and a two-hundred day moving average price of $168.40. Novanta Inc. has a 52-week low of $111.20 and a 52-week high of $187.12. The firm has a market capitalization of $6.14 billion, a P/E ratio of 88.66 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.04. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm had revenue of $235.86 million during the quarter, compared to analyst estimates of $233.63 million. During the same period in the prior year, the company posted $0.80 earnings per share. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. As a group, analysts anticipate that Novanta Inc. will post 3.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird raised their target price on Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th.

Insiders Place Their Bets

In other news, CFO Robert Buckley sold 1,830 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $161.09, for a total value of $294,794.70. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at $19,398,296.71. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Matthijs Glastra sold 1,086 shares of Novanta stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $160.84, for a total value of $174,672.24. Following the completion of the sale, the chief executive officer now directly owns 23,486 shares in the company, valued at $3,777,488.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert Buckley sold 1,830 shares of Novanta stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $161.09, for a total value of $294,794.70. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $19,398,296.71. The disclosure for this sale can be found here. Insiders sold 15,063 shares of company stock worth $2,591,881 over the last three months. 1.20% of the stock is currently owned by corporate insiders.

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.