JPMorgan Chase & Co. Cuts Stake in Novanta Inc. (NASDAQ:NOVT)

JPMorgan Chase & Co. decreased its position in Novanta Inc. (NASDAQ:NOVT) by 9.5% during the 3rd quarter, Holdings Channel reports. The fund owned 650,612 shares of the technology company’s stock after selling 68,187 shares during the quarter. JPMorgan Chase & Co.’s holdings in Novanta were worth $116,407,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in NOVT. GAMMA Investing LLC lifted its position in Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after purchasing an additional 59 shares during the period. GHP Investment Advisors Inc. purchased a new position in shares of Novanta during the 3rd quarter worth approximately $49,000. nVerses Capital LLC purchased a new position in shares of Novanta during the 3rd quarter worth approximately $54,000. Signaturefd LLC lifted its holdings in shares of Novanta by 38.3% in the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after buying an additional 100 shares during the period. Finally, Van ECK Associates Corp boosted its stake 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 valued at $122,000 after buying an additional 242 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Up 0.3 %

Shares of NASDAQ NOVT opened at $152.77 on Thursday. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average price of $166.72 and a 200 day moving average price of $170.76. Novanta Inc. has a 52 week low of $146.86 and a 52 week high of $187.12. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 91.48 and a beta of 1.26.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, hitting the consensus estimate of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $244.40 million for the quarter, compared to analyst estimates of $242.33 million. During the same quarter in the previous year, the company earned $0.85 EPS. The company’s quarterly revenue was up 10.3% on a year-over-year basis. Equities research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Insider Activity

In related news, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $179.70, for a total value of $1,347,750.00. Following the sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

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

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.