New York State Common Retirement Fund Reduces Holdings in Novanta Inc. (NASDAQ:NOVT)

New York State Common Retirement Fund lessened its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 27.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,620 shares of the technology company's stock after selling 32,853 shares during the period. New York State Common Retirement Fund owned 0.25% of Novanta worth $15,856,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Novanta by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,861,416 shares of the technology company's stock worth $674,860,000 after acquiring an additional 45,937 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Novanta in the 1st quarter worth approximately $780,000. SG Americas Securities LLC grew its position in Novanta by 750.4% during the 1st quarter. SG Americas Securities LLC now owns 15,588 shares of the technology company's stock worth $2,724,000 after purchasing an additional 13,755 shares during the last quarter. Clearline Capital LP increased its stake in Novanta by 71.1% during the 2nd quarter. Clearline Capital LP now owns 11,497 shares of the technology company's stock valued at $1,875,000 after purchasing an additional 4,778 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company's stock worth $42,000 after buying an additional 59 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Robert W. Baird reduced their target price on Novanta from $175.00 to $169.00 and set a "neutral" rating for the company in a research note on Wednesday.

Insiders Place Their Bets

In other Novanta news, CFO Robert Buckley sold 4,379 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $176.20, for a total transaction of $771,579.80. Following the transaction, the chief financial officer now owns 120,419 shares in the company, valued at approximately $21,217,827.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 9,150 shares of company stock worth $1,608,936. Corporate insiders own 1.20% of the company's stock.

Novanta Stock Performance

NASDAQ:NOVT traded up $17.27 during midday trading on Wednesday, hitting $181.94. The company's stock had a trading volume of 370,080 shares, compared to its average volume of 140,730. Novanta Inc. has a fifty-two week low of $111.20 and a fifty-two week high of $187.12. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73. The firm has a market cap of $6.53 billion, a P/E ratio of 95.18 and a beta of 1.29. The firm's 50 day moving average is $174.21 and its 200-day moving average is $169.69.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, missing analysts' consensus estimates of $0.86 by ($0.01). Novanta had a net margin of 6.91% and a return on equity of 15.77%. The company had revenue of $244.40 million for the quarter, compared to analysts' expectations of $242.33 million. During the same quarter in the previous year, the business posted $0.85 EPS. The business's quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts anticipate that Novanta Inc. will post 3.3 earnings per share for the current fiscal year.

About Novanta

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.