State of Alaska Department of Revenue trimmed its holdings in shares of Novanta Inc. (NASDAQ:NOVT – Free Report) by 9.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,441 shares of the technology company’s stock after selling 479 shares during the period. State of Alaska Department of Revenue’s holdings in Novanta were worth $817,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of NOVT. Creative Planning grew its holdings in Novanta by 80.7% during the second quarter. Creative Planning now owns 2,457 shares of the technology company’s stock worth $452,000 after acquiring an additional 1,097 shares during the period. Revolve Wealth Partners LLC acquired a new position in Novanta during the second quarter worth about $225,000. Louisiana State Employees Retirement System grew its holdings in Novanta by 10.5% during the second quarter. Louisiana State Employees Retirement System now owns 10,500 shares of the technology company’s stock worth $1,933,000 after acquiring an additional 1,000 shares during the period. New Mexico Educational Retirement Board grew its holdings in Novanta by 12.3% during the second quarter. New Mexico Educational Retirement Board now owns 7,300 shares of the technology company’s stock worth $1,344,000 after acquiring an additional 800 shares during the period. Finally, FDx Advisors Inc. acquired a new position in Novanta during the second quarter worth about $696,000. 96.84% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on NOVT. StockNews.com began coverage on Novanta in a research report on Thursday, October 5th. They issued a “hold” rating for the company. TheStreet lowered Novanta from a “b” rating to a “c+” rating in a research report on Wednesday, September 20th.
Novanta Trading Down 0.7 %
NASDAQ:NOVT opened at $148.91 on Wednesday. The company has a quick ratio of 1.85, a current ratio of 3.05 and a debt-to-equity ratio of 0.64. Novanta Inc. has a 1-year low of $117.79 and a 1-year high of $187.60. The firm has a market capitalization of $5.33 billion, a price-to-earnings ratio of 69.58 and a beta of 1.30. The stock has a fifty day simple moving average of $151.81 and a 200 day simple moving average of $161.86.
Novanta (NASDAQ:NOVT – Get Free Report) last announced its quarterly earnings data on Tuesday, August 8th. The technology company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.08. Novanta had a return on equity of 19.05% and a net margin of 8.64%. The firm had revenue of $229.46 million during the quarter, compared to analyst estimates of $225.50 million. During the same period last year, the company posted $0.78 EPS. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. Sell-side analysts forecast that Novanta Inc. will post 3.06 earnings per share for the current year.
Insiders Place Their Bets
In other Novanta news, CFO Robert Buckley sold 3,000 shares of the firm’s stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $160.20, for a total transaction of $480,600.00. Following the completion of the sale, the chief financial officer now directly owns 136,556 shares in the company, valued at approximately $21,876,271.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.20% of the company’s stock.
Novanta Profile
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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