Novanta Inc. (NASDAQ:NOVT) Holdings Lowered by Amalgamated Bank

Amalgamated Bank decreased its stake in Novanta Inc. (NASDAQ:NOVT) by 7.1% in the second quarter, HoldingsChannel reports. The firm owned 17,437 shares of the technology company’s stock after selling 1,336 shares during the period. Amalgamated Bank’s holdings in Novanta were worth $2,844,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of NOVT. Rise Advisors LLC acquired a new position in shares of Novanta in the first quarter worth about $32,000. Headlands Technologies LLC purchased a new position in Novanta during the 1st quarter worth approximately $52,000. Signaturefd LLC raised its stake in Novanta by 38.3% during the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after purchasing an additional 100 shares during the period. YHB Investment Advisors Inc. purchased a new stake in shares of Novanta in the first quarter valued at $81,000. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Novanta in the first quarter worth $90,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of NOVT opened at $176.36 on Tuesday. Novanta Inc. has a 52 week low of $111.20 and a 52 week high of $187.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77. The company has a market capitalization of $6.33 billion, a PE ratio of 91.38 and a beta of 1.29. The company’s 50 day moving average price is $175.88 and its 200 day moving average price is $168.41.

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

Insider Activity

In related news, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $160.84, for a total transaction of $174,672.24. Following the transaction, the chief executive officer now owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Novanta news, CFO Robert Buckley sold 1,830 shares of the stock in a transaction on Friday, July 12th. The shares were sold at an average price of $170.19, for a total transaction of $311,447.70. Following the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $20,494,109.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $160.84, for a total value of $174,672.24. Following the transaction, the chief executive officer now owns 23,486 shares in the company, valued at $3,777,488.24. The disclosure for this sale can be found here. Insiders sold a total of 15,063 shares of company stock worth $2,591,881 in the last three months. 1.20% of the stock is owned by insiders.

Analyst Ratings Changes

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

Novanta Company 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.