Retirement Systems of Alabama Reduces Stock Position in Novanta Inc. (NASDAQ:NOVT)

Retirement Systems of Alabama trimmed its holdings in Novanta Inc. (NASDAQ:NOVT) by 1.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,616 shares of the technology company’s stock after selling 686 shares during the period. Retirement Systems of Alabama’s holdings in Novanta were worth $7,804,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after acquiring an additional 59 shares during the period. Essex Investment Management Co. LLC boosted its stake in Novanta by 0.3% in the 3rd quarter. Essex Investment Management Co. LLC now owns 23,379 shares of the technology company’s stock worth $4,183,000 after purchasing an additional 80 shares during the period. Bank of Montreal Can grew its holdings in Novanta by 2.6% during the 2nd quarter. Bank of Montreal Can now owns 3,598 shares of the technology company’s stock valued at $599,000 after buying an additional 90 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Novanta by 1.3% during the second quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock valued at $1,228,000 after buying an additional 99 shares during the period. Finally, Signaturefd LLC lifted its holdings 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 buying an additional 100 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Insider Activity at Novanta

In other news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction on 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 sale, the chief executive officer now directly owns 56,382 shares of the company’s stock, valued at approximately $10,131,845.40. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Robert Buckley sold 1,111 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $180.45, for a total value of $200,479.95. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $21,729,608.55. This represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,271 shares of company stock valued at $2,185,107 over the last three months. 1.20% of the stock is owned by corporate insiders.

Novanta Trading Down 3.2 %

Novanta stock opened at $165.65 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. Novanta Inc. has a fifty-two week low of $146.86 and a fifty-two week high of $187.12. The stock has a market cap of $5.95 billion, a P/E ratio of 99.19 and a beta of 1.26. The firm’s fifty day moving average price is $171.29 and its 200-day moving average price is $171.42.

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

Analyst Upgrades and Downgrades

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

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.