Teachers Retirement System of The State of Kentucky Cuts Stake in Novanta Inc. (NASDAQ:NOVT)

Teachers Retirement System of The State of Kentucky lessened its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 2.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,353 shares of the technology company’s stock after selling 310 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Novanta were worth $2,031,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC increased 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 acquiring an additional 59 shares during the last quarter. Essex Investment Management Co. LLC boosted its position in Novanta by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 23,379 shares of the technology company’s stock worth $4,183,000 after purchasing an additional 80 shares during the period. Bank of Montreal Can boosted its position in Novanta by 2.6% during the second quarter. Bank of Montreal Can now owns 3,598 shares of the technology company’s stock worth $599,000 after purchasing an additional 90 shares during the period. Victory Capital Management Inc. raised its position in shares of Novanta by 1.3% in the second quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock valued at $1,228,000 after purchasing an additional 99 shares during the period. Finally, Signaturefd LLC raised its position in shares of Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after purchasing an additional 100 shares during the period. Institutional investors own 98.35% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Robert Buckley sold 1,111 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $180.45, for a total transaction of $200,479.95. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at $21,729,608.55. The trade was a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthijs Glastra sold 7,500 shares of the company’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 in the company, valued at $10,131,845.40. This represents a 11.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 12,271 shares of company stock worth $2,185,107 in the last three months. 1.20% of the stock is currently owned by corporate insiders.

Novanta Stock Performance

NASDAQ:NOVT opened at $171.19 on Tuesday. The business’s fifty day moving average is $171.55 and its 200 day moving average is $171.31. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 102.51 and a beta of 1.26. 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 Inc. has a 52-week low of $146.86 and a 52-week high of $187.12.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, meeting analysts’ consensus estimates 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 analyst estimates of $242.33 million. During the same quarter in the previous year, the firm earned $0.85 EPS. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. Research analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird cut their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th.

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.