New York State Common Retirement Fund Decreases Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

New York State Common Retirement Fund reduced its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 27.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,620 shares of the technology company’s stock after selling 32,853 shares during the period. New York State Common Retirement Fund’s holdings in Novanta were worth $15,856,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NOVT. Norden Group LLC increased its holdings in Novanta by 39.4% during the first quarter. Norden Group LLC now owns 2,464 shares of the technology company’s stock valued at $431,000 after buying an additional 696 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in Novanta by 9.6% during the first quarter. BNP Paribas Financial Markets now owns 33,255 shares of the technology company’s stock valued at $5,812,000 after buying an additional 2,919 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in Novanta by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 31,341 shares of the technology company’s stock valued at $5,477,000 after buying an additional 406 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in Novanta by 11.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 1,671 shares of the technology company’s stock valued at $292,000 after buying an additional 178 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in Novanta by 750.4% during the first quarter. SG Americas Securities LLC now owns 15,588 shares of the technology company’s stock valued at $2,724,000 after buying an additional 13,755 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Performance

NOVT opened at $164.67 on Wednesday. The firm has a market cap of $5.91 billion, a P/E ratio of 95.18 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 company has a 50 day simple moving average of $174.21 and a two-hundred day simple moving average of $169.69. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73.

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. The business had revenue of $235.86 million during the quarter, compared to analyst estimates of $233.63 million. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The company’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.80 earnings per share. Equities analysts forecast that Novanta Inc. will post 3.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $174.01, for a total value of $636,876.60. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,954,110.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 9,150 shares of company stock worth $1,608,936 over the last three months. 1.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird upped their target price on shares of Novanta from $170.00 to $175.00 and gave the company a “neutral” rating in a 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.