Commerce Bank Sells 125 Shares of Novanta Inc. (NASDAQ:NOVT)

Commerce Bank decreased its stake in Novanta Inc. (NASDAQ:NOVT) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,251 shares of the technology company’s stock after selling 125 shares during the period. Commerce Bank’s holdings in Novanta were worth $761,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in NOVT. Pathstone Holdings LLC increased its stake in shares of Novanta by 1.2% during the 3rd quarter. Pathstone Holdings LLC now owns 25,827 shares of the technology company’s stock worth $4,621,000 after purchasing an additional 295 shares during the last quarter. Chesapeake Capital Corp IL purchased a new stake in Novanta in the third quarter worth $435,000. Mutual of America Capital Management LLC raised its stake in shares of Novanta by 1.5% in the third quarter. Mutual of America Capital Management LLC now owns 43,241 shares of the technology company’s stock valued at $7,737,000 after buying an additional 648 shares during the period. Natixis Advisors LLC lifted its position in shares of Novanta by 1.7% during the 3rd quarter. Natixis Advisors LLC now owns 25,957 shares of the technology company’s stock valued at $4,644,000 after buying an additional 434 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its stake in shares of Novanta by 4.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 11,725 shares of the technology company’s stock worth $2,098,000 after acquiring an additional 546 shares during the period. Institutional investors own 98.35% of the company’s stock.

Insider Activity

In related news, CFO Robert Buckley sold 1,111 shares of Novanta stock in a transaction on Friday, September 27th. The stock was sold at an average price of $180.45, for a total transaction of $200,479.95. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $21,729,608.55. This trade represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $179.70, for a total value of $1,347,750.00. Following the completion of the transaction, the chief executive officer now owns 56,382 shares in the company, valued at $10,131,845.40. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,650 shares of company stock worth $2,956,686. 1.20% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, Robert W. Baird dropped their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Novanta Trading Up 2.1 %

Shares of NOVT stock opened at $173.43 on Tuesday. The stock has a market capitalization of $6.23 billion, a price-to-earnings ratio of 103.85 and a beta of 1.29. The company’s fifty day simple moving average is $173.77 and its two-hundred day simple moving average is $170.94. Novanta Inc. has a 1 year low of $142.35 and a 1 year high of $187.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. During the same period in the previous year, the company posted $0.85 EPS. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

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.