Arizona State Retirement System Sells 120 Shares of Novanta Inc. (NASDAQ:NOVT)

Arizona State Retirement System lowered its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,292 shares of the technology company’s stock after selling 120 shares during the quarter. Arizona State Retirement System’s holdings in Novanta were worth $1,316,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in Novanta during the 4th quarter worth about $48,442,000. T. Rowe Price Investment Management Inc. boosted its stake in 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 worth $103,910,000 after purchasing an additional 279,793 shares in the last quarter. Schroder Investment Management Group boosted its stake in Novanta by 52.5% in the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company’s stock worth $41,359,000 after purchasing an additional 93,511 shares in the last quarter. Millennium Management LLC boosted its stake in Novanta by 2,714.7% in the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company’s stock worth $13,489,000 after purchasing an additional 85,160 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Novanta by 1.5% in 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. Institutional investors own 98.35% of the company’s stock.

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 Stock Down 2.5%

Shares of NASDAQ:NOVT opened at $122.96 on Friday. 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 firm has a market capitalization of $4.42 billion, a PE ratio of 62.74 and a beta of 1.45. The firm’s 50-day moving average is $126.84 and its two-hundred day moving average is $131.99. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.00.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.06. The business had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.74 earnings per share. Analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta Company 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.