Novanta Inc. (NASDAQ:NOVT) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 22.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 69,360 shares of the technology company's stock after selling 19,960 shares during the period. New York State Common Retirement Fund owned about 0.19% of Novanta worth $8,869,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Principal Financial Group Inc. boosted its stake in shares of Novanta by 0.9% during the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock worth $11,710,000 after purchasing an additional 797 shares during the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Novanta during the first quarter valued at approximately $818,000. GAMMA Investing LLC boosted its position in Novanta by 146.0% during the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after acquiring an additional 238 shares during the last quarter. Parallel Advisors LLC grew its stake in Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after acquiring an additional 214 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new position in Novanta in the 4th quarter valued at $3,681,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Novanta from a "hold" rating to a "buy" rating in a research report on Friday, June 6th.

Novanta Price Performance

Shares of NASDAQ NOVT opened at $122.96 on Friday. The business has a 50 day moving average price of $126.84 and a two-hundred day moving average price of $131.99. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.00. The firm has a market cap of $4.42 billion, a PE ratio of 62.74 and a beta of 1.45. The company has a quick ratio of 1.70, a current ratio of 2.56 and a debt-to-equity ratio of 0.50.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.68 by $0.06. Novanta had a net margin of 7.42% and a return on equity of 15.06%. The business had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. During the same quarter in the prior year, the business posted $0.74 EPS. The company's revenue for the quarter was up 1.1% on a year-over-year basis. Sell-side analysts expect that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

About Novanta

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.

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