State of New Jersey Common Pension Fund D Lowers Position in Novanta Inc. (NASDAQ:NOVT)

State of New Jersey Common Pension Fund D lessened its holdings in Novanta Inc. (NASDAQ:NOVT) by 32.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,765 shares of the technology company’s stock after selling 6,110 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Novanta were worth $2,082,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Novanta by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,861,416 shares of the technology company’s stock worth $674,860,000 after buying an additional 45,937 shares in the last quarter. Wells Fargo & Company MN raised its position in Novanta by 299.9% during the fourth quarter. Wells Fargo & Company MN now owns 61,912 shares of the technology company’s stock valued at $10,427,000 after purchasing an additional 46,430 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Novanta during the first quarter valued at about $780,000. Allianz Asset Management GmbH raised its position in Novanta by 222.6% during the fourth quarter. Allianz Asset Management GmbH now owns 10,000 shares of the technology company’s stock valued at $1,684,000 after purchasing an additional 6,900 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in Novanta by 750.4% during the first quarter. SG Americas Securities LLC now owns 15,588 shares of the technology company’s stock valued at $2,724,000 after purchasing an additional 13,755 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Trading Up 0.1 %

NASDAQ NOVT opened at $174.53 on Friday. The stock’s 50-day simple moving average is $175.82 and its two-hundred day simple moving average is $168.48. Novanta Inc. has a twelve month low of $111.20 and a twelve month high of $187.12. The company has a quick ratio of 1.73, a current ratio of 2.77 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $6.26 billion, a price-to-earnings ratio of 90.43 and a beta of 1.29.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.73 earnings per share for the quarter, beating 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 business had revenue of $235.86 million for the quarter, compared to the consensus estimate of $233.63 million. During the same quarter last year, the business posted $0.80 earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. Research analysts forecast that Novanta Inc. will post 3.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, CEO Matthijs Glastra sold 1,086 shares of the firm’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 transaction, the chief executive officer now directly owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Matthijs Glastra sold 1,086 shares of the firm’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 transaction, the chief executive officer now directly owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Buckley sold 1,830 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $170.19, for a total value of $311,447.70. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,494,109.61. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,063 shares of company stock valued at $2,591,881. 1.20% of the stock is currently owned by insiders.

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.