Novanta Inc. (NASDAQ:NOVT) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 7.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,437 shares of the technology company’s stock after selling 1,336 shares during the period. Amalgamated Bank’s holdings in Novanta were worth $2,844,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas grew its stake 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 worth $491,000 after purchasing an additional 146 shares in the last quarter. Norges Bank bought a new stake in shares of Novanta in the 4th quarter valued at approximately $62,186,000. PNC Financial Services Group Inc. raised its position in shares of Novanta by 6.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,291 shares of the technology company’s stock valued at $554,000 after acquiring an additional 204 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Novanta by 299.9% during the fourth quarter. Wells Fargo & Company MN now owns 61,912 shares of the technology company’s stock worth $10,427,000 after purchasing an additional 46,430 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in Novanta by 16.3% in the fourth quarter. US Bancorp DE now owns 5,998 shares of the technology company’s stock worth $1,010,000 after purchasing an additional 839 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Novanta

In related news, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $160.84, for a total value of $174,672.24. Following the sale, the chief executive officer now directly owns 23,486 shares in the company, valued at approximately $3,777,488.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Robert Buckley sold 1,830 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $170.19, for a total value of $311,447.70. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $20,494,109.61. 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 firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $160.84, for a total transaction of $174,672.24. Following the transaction, 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. Over the last three months, insiders sold 15,063 shares of company stock worth $2,591,881. Company insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird increased their target price 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 Stock Up 1.0 %

Shares of Novanta stock opened at $176.36 on Tuesday. The stock has a market capitalization of $6.33 billion, a price-to-earnings ratio of 91.38 and a beta of 1.29. Novanta Inc. has a twelve month low of $111.20 and a twelve month high of $187.12. 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 business’s 50 day simple moving average is $175.88 and its 200-day simple moving average is $168.41.

Novanta (NASDAQ:NOVT) last posted its earnings results 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. The company had revenue of $235.86 million for the quarter, compared to analysts’ expectations of $233.63 million. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the business posted $0.80 earnings per share. Equities research analysts forecast 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.