Mutual of America Capital Management LLC Cuts Holdings in Novanta Inc. (NASDAQ:NOVT)

Mutual of America Capital Management LLC reduced its position in shares of Novanta Inc. (NASDAQ:NOVT) by 3.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,593 shares of the technology company’s stock after selling 1,741 shares during the quarter. Mutual of America Capital Management LLC owned 0.12% of Novanta worth $6,947,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Rise Advisors LLC acquired a new position in Novanta in the 1st quarter worth about $32,000. Headlands Technologies LLC purchased a new stake in shares of Novanta in the first quarter valued at approximately $52,000. Signaturefd LLC raised its stake in shares of Novanta by 38.3% during the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock worth $59,000 after buying an additional 100 shares during the period. YHB Investment Advisors Inc. acquired a new position in shares of Novanta during the 1st quarter worth approximately $81,000. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Novanta during the 1st quarter valued at approximately $90,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Robert Buckley sold 1,830 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $161.09, for a total transaction of $294,794.70. Following the completion of the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $19,398,296.71. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Robert Buckley sold 1,830 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $161.09, for a total value of $294,794.70. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares in the company, valued at $19,398,296.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthijs Glastra sold 1,086 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $160.84, for a total value of $174,672.24. Following the completion of the sale, the chief executive officer now directly owns 23,486 shares of the company’s stock, valued at approximately $3,777,488.24. The disclosure for this sale can be found here. Insiders sold 15,063 shares of company stock worth $2,591,881 over the last three months. Insiders own 1.20% of the company’s stock.

Novanta Trading Up 3.3 %

NOVT stock opened at $174.37 on Friday. Novanta Inc. has a 12-month low of $111.20 and a 12-month high of $187.12. The business’s 50-day moving average is $175.76 and its 200 day moving average is $168.49. The company has a current ratio of 2.77, a quick ratio of 1.73 and a debt-to-equity ratio of 0.68. The stock has a market cap of $6.26 billion, a price-to-earnings ratio of 90.35 and a beta of 1.29.

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

Analyst Ratings Changes

Separately, Robert W. Baird boosted 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.

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.