Public Employees Retirement System of Ohio Trims Holdings in Novanta Inc (NASDAQ:NOVT)

Public Employees Retirement System of Ohio trimmed its stake in Novanta Inc (NASDAQ:NOVT) by 7.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 27,640 shares of the technology company’s stock after selling 2,230 shares during the period. Public Employees Retirement System of Ohio owned about 0.08% of Novanta worth $2,606,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in NOVT. Artisan Partners Limited Partnership grew its holdings in shares of Novanta by 2.4% in the first quarter. Artisan Partners Limited Partnership now owns 815,425 shares of the technology company’s stock valued at $69,091,000 after purchasing an additional 18,898 shares in the last quarter. Conestoga Capital Advisors LLC grew its holdings in Novanta by 3.2% during the 2nd quarter. Conestoga Capital Advisors LLC now owns 699,333 shares of the technology company’s stock worth $65,947,000 after acquiring an additional 21,501 shares in the last quarter. OppenheimerFunds Inc. grew its holdings in Novanta by 1.7% during the 1st quarter. OppenheimerFunds Inc. now owns 659,600 shares of the technology company’s stock worth $55,888,000 after acquiring an additional 11,278 shares in the last quarter. Geode Capital Management LLC grew its holdings in Novanta by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 379,215 shares of the technology company’s stock worth $23,890,000 after acquiring an additional 37,821 shares in the last quarter. Finally, Wasatch Advisors Inc. acquired a new position in Novanta during the 2nd quarter worth approximately $33,591,000. 87.26% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Matthijs Glastra sold 30,100 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $93.21, for a total value of $2,805,621.00. Following the completion of the sale, the chief executive officer now owns 123,448 shares in the company, valued at approximately $11,506,588.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert Buckley sold 16,277 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the completion of the sale, the chief financial officer now owns 158,803 shares of the company’s stock, valued at approximately $14,460,601.18. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.

NOVT has been the subject of several analyst reports. BidaskClub upgraded shares of Novanta from a “sell” rating to a “hold” rating in a report on Saturday. Zacks Investment Research cut shares of Novanta from a “hold” rating to a “sell” rating in a report on Saturday, August 10th.

Shares of Novanta stock traded up $2.13 during trading hours on Monday, hitting $84.55. The company had a trading volume of 2,631 shares, compared to its average volume of 145,653. The company’s 50-day moving average is $77.15 and its two-hundred day moving average is $83.25. Novanta Inc has a twelve month low of $55.68 and a twelve month high of $96.31. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.89 and a quick ratio of 1.74. The company has a market cap of $2.89 billion, a P/E ratio of 39.13 and a beta of 1.51.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, August 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.54. Novanta had a net margin of 7.76% and a return on equity of 19.49%. The business had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $154.47 million. During the same quarter in the prior year, the business posted $0.51 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. Sell-side analysts expect that Novanta Inc will post 2.22 EPS for the current year.

About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material 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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