Novanta Inc. (NASDAQ:NOVT) Holdings Cut by Retirement Systems of Alabama

Posted by on Jul 25th, 2023

Retirement Systems of Alabama decreased its stake in Novanta Inc. (NASDAQ:NOVT – Free Report) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,632 shares of the technology company’s stock after selling 408 shares during the quarter. Retirement Systems of Alabama owned approximately 0.13% of Novanta worth $7,419,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOVT. Ellevest Inc. raised its holdings in shares of Novanta by 50.3% during the 4th quarter. Ellevest Inc. now owns 254 shares of the technology company’s stock valued at $35,000 after purchasing an additional 85 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Novanta by 29.9% during the 4th quarter. Assetmark Inc. now owns 369 shares of the technology company’s stock valued at $50,000 after purchasing an additional 85 shares in the last quarter. Point72 Middle East FZE bought a new position in shares of Novanta during the 4th quarter valued at $57,000. Heritage Wealth Management LLC grew its stake in Novanta by 100.0% in the 4th quarter. Heritage Wealth Management LLC now owns 470 shares of the technology company’s stock valued at $64,000 after buying an additional 235 shares during the last quarter. Finally, UBS Group AG grew its stake in Novanta by 85.7% in the 3rd quarter. UBS Group AG now owns 544 shares of the technology company’s stock valued at $63,000 after buying an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 98.28% of the company’s stock.

Novanta Stock Performance

NASDAQ:NOVT opened at $174.69 on Tuesday. Novanta Inc. has a 1 year low of $111.02 and a 1 year high of $187.60. The firm’s fifty day simple moving average is $172.27 and its 200 day simple moving average is $161.39. The company has a current ratio of 2.84, a quick ratio of 1.67 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $6.26 billion, a PE ratio of 85.22 and a beta of 1.30.

Novanta (NASDAQ:NOVT – Get Free Report) last posted its quarterly earnings results on Tuesday, May 9th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.10. The company had revenue of $219.10 million for the quarter, compared to analyst estimates of $211.22 million. Novanta had a net margin of 8.39% and a return on equity of 19.70%. The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted $0.73 EPS. On average, sell-side analysts anticipate that Novanta Inc. will post 3.1 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on NOVT. Robert W. Baird raised their target price on shares of Novanta from $150.00 to $161.00 in a research note on Thursday, May 11th. StockNews.com lowered shares of Novanta from a “buy” rating to a “hold” rating in a research note on Saturday, May 20th.

About Novanta

(Free Report)

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion in the United States and internationally. The company operates through three segments: Photonics, Vision, and Precision Motion. The Photonics segment offers photonics-based solutions, including laser scanning, beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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