UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Position in Novanta Inc. (NASDAQ:NOVT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 110.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,259 shares of the technology company's stock after acquiring an additional 52,573 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.28% of Novanta worth $17,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Clearline Capital LP lifted its stake in shares of Novanta by 71.1% in 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 during the period. GAMMA Investing LLC raised its holdings in Novanta by 33.1% in the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company's stock worth $42,000 after purchasing an additional 59 shares during the period. Raymond James & Associates raised its holdings in Novanta by 3.5% in the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company's stock worth $8,260,000 after purchasing an additional 1,720 shares during the period. Blair William & Co. IL boosted its position in Novanta by 10.1% during the second quarter. Blair William & Co. IL now owns 448,604 shares of the technology company's stock worth $73,172,000 after purchasing an additional 41,296 shares in the last quarter. Finally, Argent Capital Management LLC acquired a new stake in Novanta in the second quarter valued at approximately $294,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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, November 6th.

Novanta Price Performance

Shares of NOVT traded down $0.55 during mid-day trading on Friday, hitting $165.71. 157,793 shares of the company were exchanged, compared to its average volume of 200,563. The stock has a market cap of $5.95 billion, a price-to-earnings ratio of 99.23 and a beta of 1.26. Novanta Inc. has a 1-year low of $146.86 and a 1-year high of $187.12. The company has a 50 day moving average of $172.43 and a 200-day moving average of $171.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, meeting analysts' consensus estimates of $0.85. The business had revenue of $244.40 million during the quarter, compared to analysts' expectations of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business's revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.85 earnings per share. Analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Insider Buying and Selling at Novanta

In other news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction on Monday, November 11th. The stock was 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 owns 56,382 shares in the company, valued at $10,131,845.40. The trade was a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Buckley sold 3,660 shares of the business's stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $174.01, for a total transaction of $636,876.60. Following the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $20,954,110.19. The trade was a 2.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,271 shares of company stock worth $2,185,107. Corporate insiders own 1.20% of the company's stock.

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.