Fmr LLC Grows Position in Novanta Inc. (NASDAQ:NOVT)

Fmr LLC boosted its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 127.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,025 shares of the technology company’s stock after purchasing an additional 4,489 shares during the period. Fmr LLC’s holdings in Novanta were worth $1,436,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Clearline Capital LP boosted its holdings 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 acquiring an additional 4,778 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Novanta by 33.1% in the 3rd quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock valued at $42,000 after acquiring an additional 59 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Novanta by 3.5% in the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company’s stock valued at $8,260,000 after acquiring an additional 1,720 shares during the last quarter. Blair William & Co. IL boosted its holdings in shares of Novanta by 10.1% in the 2nd quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock valued at $73,172,000 after acquiring an additional 41,296 shares during the last quarter. Finally, Argent Capital Management LLC purchased a new stake in shares of Novanta in the 2nd quarter valued at $294,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of NASDAQ NOVT opened at $166.20 on Monday. The company’s fifty day moving average price is $171.55 and its 200 day moving average price is $171.22. Novanta Inc. has a 1 year low of $146.86 and a 1 year high of $187.12. The company has a market capitalization of $5.97 billion, a PE ratio of 99.52 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 (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. During the same period in the prior year, the firm posted $0.85 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Novanta news, CFO Robert Buckley sold 3,660 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $174.01, for a total transaction of $636,876.60. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares in the company, valued at approximately $20,954,110.19. This represents a 2.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s 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 of the company’s stock, 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. Over the last three months, insiders have sold 12,271 shares of company stock valued at $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.