Teacher Retirement System of Texas Makes New Investment in Novanta Inc. (NASDAQ:NOVT)

Teacher Retirement System of Texas acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,394 shares of the technology company's stock, valued at approximately $818,000.

A number of other hedge funds have also recently modified their holdings of NOVT. Proficio Capital Partners LLC bought a new stake in shares of Novanta during the 4th quarter valued at about $5,298,000. Raymond James Financial Inc. bought a new stake in shares of Novanta during the 4th quarter valued at about $7,901,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Novanta by 11.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,092 shares of the technology company's stock valued at $1,389,000 after purchasing an additional 945 shares in the last quarter. Swiss National Bank boosted its stake in shares of Novanta by 0.7% during the 4th quarter. Swiss National Bank now owns 70,600 shares of the technology company's stock valued at $10,786,000 after purchasing an additional 500 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Novanta by 5.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock valued at $258,000 after purchasing an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Stock Down 1.5%

NASDAQ:NOVT traded down $1.85 during mid-day trading on Friday, hitting $124.21. 127,664 shares of the company's stock were exchanged, compared to its average volume of 223,776. Novanta Inc. has a one year low of $98.76 and a one year high of $187.00. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.56 and a quick ratio of 1.70. The business has a fifty day moving average price of $126.84 and a 200 day moving average price of $132.34. The company has a market cap of $4.47 billion, a PE ratio of 63.36 and a beta of 1.45.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate 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 previous year, the firm posted $0.74 earnings per share. Novanta's quarterly revenue was up 1.1% on a year-over-year basis. Equities analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analyst Weigh In

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

Novanta Profile

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.