Pacer Advisors Inc. Sells 5,904 Shares of Novanta Inc. (NASDAQ:NOVT)

Pacer Advisors Inc. decreased its holdings in Novanta Inc. (NASDAQ:NOVT) by 64.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,229 shares of the technology company’s stock after selling 5,904 shares during the period. Pacer Advisors Inc.’s holdings in Novanta were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Michigan Retirement System raised its stake in Novanta by 1.2% in the first quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company’s stock worth $1,100,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Novanta by 1.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company’s stock valued at $1,291,000 after acquiring an additional 100 shares during the period. State of Alaska Department of Revenue raised its position in shares of Novanta by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company’s stock worth $537,000 after acquiring an additional 105 shares in the last quarter. State of Wyoming lifted its stake in shares of Novanta by 4.4% during the 4th quarter. State of Wyoming now owns 2,536 shares of the technology company’s stock worth $387,000 after purchasing an additional 106 shares during the last quarter. Finally, Huntington National Bank lifted its stake in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after purchasing an additional 150 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Novanta Price Performance

Shares of NOVT opened at $120.10 on Friday. The business’s 50-day moving average is $126.07 and its two-hundred day moving average is $130.33. The company has a market capitalization of $4.32 billion, a P/E ratio of 61.28 and a beta of 1.48. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $186.75. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $233.34 million. Novanta had a net margin of 7.42% and a return on equity of 15.06%. 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 earnings per share. Research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Saturday, July 26th.

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.