Texas Permanent School Fund Corp Sells 4,538 Shares of Novanta Inc. (NASDAQ:NOVT)

Texas Permanent School Fund Corp lowered its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 14.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 26,803 shares of the technology company’s stock after selling 4,538 shares during the period. Texas Permanent School Fund Corp owned about 0.07% of Novanta worth $4,372,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in NOVT. Victory Capital Management Inc. increased its holdings in shares of Novanta by 16.9% in the fourth quarter. Victory Capital Management Inc. now owns 7,533 shares of the technology company’s stock worth $1,269,000 after buying an additional 1,089 shares during the period. Teacher Retirement System of Texas lifted its position in Novanta by 5.3% in the fourth quarter. Teacher Retirement System of Texas now owns 2,914 shares of the technology company’s stock valued at $491,000 after purchasing an additional 146 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Novanta by 1.4% in the fourth quarter. Principal Financial Group Inc. now owns 139,233 shares of the technology company’s stock worth $23,448,000 after purchasing an additional 1,937 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Novanta by 7.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,353 shares of the technology company’s stock worth $367,000 after buying an additional 169 shares during the period. Finally, Navellier & Associates Inc. raised its holdings in Novanta by 25.6% during the 4th quarter. Navellier & Associates Inc. now owns 5,037 shares of the technology company’s stock valued at $848,000 after buying an additional 1,027 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

Separately, Robert W. Baird raised their price target on shares of Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th.

Insiders Place Their Bets

In other Novanta news, CFO Robert Buckley sold 1,830 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $180.18, for a total value of $329,729.40. Following the completion of the transaction, the chief financial officer now owns 120,419 shares in the company, valued at $21,697,095.42. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Robert Buckley sold 1,830 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $180.18, for a total transaction of $329,729.40. Following the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at $21,697,095.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthijs Glastra sold 1,086 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the sale, the chief executive officer now owns 23,486 shares in the company, valued at approximately $3,777,488.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,063 shares of company stock worth $2,591,881. Company insiders own 1.20% of the company’s stock.

Novanta Price Performance

Shares of NOVT stock opened at $171.12 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 firm has a market cap of $6.14 billion, a P/E ratio of 88.66 and a beta of 1.29. The business’s 50 day moving average price is $174.97 and its 200-day moving average price is $168.40. Novanta Inc. has a fifty-two week low of $111.20 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The business had revenue of $235.86 million for the quarter, compared to the consensus estimate of $233.63 million. During the same period in the previous year, the firm earned $0.80 EPS. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Novanta Inc. will post 3.3 earnings per share for the current year.

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.