Novanta Inc. (NASDAQ:NOVT) Shares Sold by Amalgamated Bank

Amalgamated Bank cut its position in Novanta Inc. (NASDAQ:NOVT) by 2.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,030 shares of the technology company’s stock after selling 429 shares during the quarter. Amalgamated Bank’s holdings in Novanta were worth $2,050,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Novanta by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock worth $629,997,000 after purchasing an additional 62,585 shares in the last quarter. Conestoga Capital Advisors LLC boosted its position in shares of Novanta by 1.3% in the 1st quarter. Conestoga Capital Advisors LLC now owns 1,365,252 shares of the technology company’s stock valued at $174,575,000 after purchasing an additional 17,220 shares during the period. Alliancebernstein L.P. boosted its position in shares of Novanta by 6.2% in the 4th quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company’s stock valued at $153,515,000 after purchasing an additional 58,864 shares during the period. William Blair Investment Management LLC boosted its position in shares of Novanta by 1.2% in the 4th quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company’s stock valued at $149,079,000 after purchasing an additional 11,361 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Novanta by 69.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company’s stock valued at $103,910,000 after purchasing an additional 279,793 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Novanta Stock Performance

Shares of NOVT stock opened at $133.45 on Monday. The company has a market cap of $4.80 billion, a price-to-earnings ratio of 68.08 and a beta of 1.45. The company has a current ratio of 2.56, a quick ratio of 1.70 and a debt-to-equity ratio of 0.50. The stock has a 50 day simple moving average of $125.15 and a 200-day simple moving average of $133.78. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $187.12.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.06. The business had revenue of $233.37 million for the quarter, compared to analysts’ expectations of $233.34 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The company’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 EPS. On average, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

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.