JPMorgan Chase & Co. Has $116.41 Million Stake in Novanta Inc. (NASDAQ:NOVT)

JPMorgan Chase & Co. reduced its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 650,612 shares of the technology company's stock after selling 68,187 shares during the quarter. JPMorgan Chase & Co. owned 1.81% of Novanta worth $116,407,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in NOVT. Franklin Resources Inc. raised its stake in Novanta by 61.6% in the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company's stock valued at $37,916,000 after buying an additional 81,942 shares during the period. Tidal Investments LLC increased its holdings in shares of Novanta by 61.8% during the 3rd quarter. Tidal Investments LLC now owns 6,469 shares of the technology company's stock worth $1,157,000 after acquiring an additional 2,471 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in Novanta in the 3rd quarter valued at $232,000. M&T Bank Corp lifted its holdings in Novanta by 4.5% during the 3rd quarter. M&T Bank Corp now owns 3,619 shares of the technology company's stock valued at $647,000 after purchasing an additional 155 shares during the last quarter. Finally, Barclays PLC boosted its position in Novanta by 215.1% during the third quarter. Barclays PLC now owns 65,564 shares of the technology company's stock worth $11,731,000 after purchasing an additional 44,756 shares during the period. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

NOVT stock traded down $1.84 during mid-day trading on Thursday, hitting $150.93. 108,763 shares of the company were exchanged, compared to its average volume of 197,525. Novanta Inc. has a 1-year low of $146.86 and a 1-year high of $187.12. The stock has a market capitalization of $5.42 billion, a PE ratio of 90.38 and a beta of 1.26. The business has a 50 day simple moving average of $166.29 and a 200-day simple moving average of $170.62. 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 (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share 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 last year, the firm posted $0.85 EPS. The firm's revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Insider Activity

In related news, CEO Matthijs Glastra sold 7,500 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $179.70, for a total value of $1,347,750.00. Following the completion of the transaction, the chief executive officer now owns 56,382 shares of the company's stock, valued at $10,131,845.40. The trade was a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price objective on shares of Novanta from $175.00 to $169.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 6th.

Novanta 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.