Citigroup Inc. Has $6.08 Million Position in Novanta Inc. (NASDAQ:NOVT)

Citigroup Inc. lifted its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 179.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,003 shares of the technology company’s stock after buying an additional 21,854 shares during the period. Citigroup Inc.’s holdings in Novanta were worth $6,084,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of Novanta by 33.1% during the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after purchasing an additional 59 shares during the period. GHP Investment Advisors Inc. purchased a new stake in Novanta during the third quarter valued at about $49,000. nVerses Capital LLC bought a new position in Novanta during the third quarter worth about $54,000. Signaturefd LLC increased its stake in shares of 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 in the last quarter. Finally, Van ECK Associates Corp boosted its holdings in shares of 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 acquiring an additional 242 shares during the period. 98.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the completion of the transaction, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at $10,131,845.40. This trade represents a 11.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Robert Buckley sold 1,111 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $21,729,608.55. This trade represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,650 shares of company stock valued at $2,956,686 over the last ninety days. 1.20% of the stock is owned by insiders.

Novanta Price Performance

Shares of NASDAQ:NOVT opened at $166.98 on Monday. The company’s fifty day moving average price is $173.26 and its 200-day moving average price is $171.06. Novanta Inc. has a one year low of $142.35 and a one 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. The firm has a market capitalization of $6.00 billion, a price-to-earnings ratio of 99.99 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, hitting analysts’ consensus estimates of $0.85. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. During the same quarter last year, the company earned $0.85 EPS. The firm’s revenue was up 10.3% compared to the same quarter last year. On average, equities research analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

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.