Pacer Advisors Inc. Boosts Stake in Novanta Inc. (NASDAQ:NOVT)

Pacer Advisors Inc. raised its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 68.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,287 shares of the technology company’s stock after buying an additional 3,765 shares during the quarter. Pacer Advisors Inc.’s holdings in Novanta were worth $1,515,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Rise Advisors LLC purchased a new position in Novanta in the 1st quarter valued at about $32,000. Headlands Technologies LLC acquired a new position in shares of Novanta in the first quarter valued at approximately $52,000. Signaturefd LLC boosted its position in Novanta by 38.3% during the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after acquiring an additional 100 shares during the last quarter. YHB Investment Advisors Inc. purchased a new stake in Novanta in the 1st quarter worth approximately $81,000. Finally, Fidelis Capital Partners LLC acquired a new position in Novanta in the 1st quarter valued at $90,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Robert Buckley sold 1,830 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $161.09, for a total transaction 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 approximately $19,398,296.71. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Novanta news, CFO Robert Buckley sold 1,830 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $161.09, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 23,486 shares in the company, valued at approximately $3,777,488.24. The disclosure for this sale can be found here. Insiders have sold 15,063 shares of company stock valued at $2,591,881 in the last three months. Corporate insiders own 1.20% of the company’s stock.

Novanta Price Performance

Novanta stock opened at $178.28 on Friday. 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 cap of $6.40 billion, a price-to-earnings ratio of 92.37 and a beta of 1.29. Novanta Inc. has a 1 year low of $111.20 and a 1 year high of $187.12. The firm has a 50 day moving average price of $175.51 and a 200 day moving average price of $168.52.

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

Analyst Upgrades and Downgrades

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

About Novanta

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.