JPMorgan Chase & Co. Lowers Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

JPMorgan Chase & Co. cut its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 9.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 650,612 shares of the technology company’s stock after selling 68,187 shares during the period. JPMorgan Chase & Co. owned about 1.81% of Novanta worth $116,407,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NOVT. GAMMA Investing LLC raised its stake in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after acquiring an additional 59 shares in the last quarter. GHP Investment Advisors Inc. purchased a new stake in Novanta during the 3rd quarter worth about $49,000. nVerses Capital LLC acquired a new stake in Novanta in the 3rd quarter valued at about $54,000. Signaturefd LLC boosted its stake in shares of Novanta by 38.3% in the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after buying an additional 100 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Novanta by 47.6% during the second quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock worth $122,000 after buying an additional 242 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird reduced their target price on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

Novanta Stock Performance

Shares of NOVT stock opened at $152.77 on Thursday. The company has a market cap of $5.49 billion, a P/E ratio of 91.48 and a beta of 1.26. The firm has a fifty day moving average price of $166.72 and a 200 day moving average price of $170.76. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12 month low of $146.86 and a 12 month high of $187.12.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $244.40 million during the quarter, compared to analysts’ expectations of $242.33 million. During the same period in the prior year, the firm posted $0.85 EPS. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. Sell-side analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Matthijs Glastra sold 7,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 56,382 shares in the company, valued at approximately $10,131,845.40. This trade represents a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.

Novanta Company Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.