Mutual of America Capital Management LLC Trims Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Mutual of America Capital Management LLC lessened its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 3.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,593 shares of the technology company’s stock after selling 1,741 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Novanta were worth $6,947,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Teacher Retirement System of Texas increased its holdings in Novanta by 5.3% in the 4th quarter. Teacher Retirement System of Texas now owns 2,914 shares of the technology company’s stock valued at $491,000 after purchasing an additional 146 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Novanta by 7.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,353 shares of the technology company’s stock worth $367,000 after purchasing an additional 169 shares during the period. Norges Bank acquired a new stake in shares of Novanta during the fourth quarter worth about $62,186,000. PNC Financial Services Group Inc. lifted its position in shares of Novanta by 6.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,291 shares of the technology company’s stock worth $554,000 after purchasing an additional 204 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Novanta by 299.9% in the fourth quarter. Wells Fargo & Company MN now owns 61,912 shares of the technology company’s stock valued at $10,427,000 after purchasing an additional 46,430 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Up 3.3 %

NOVT stock opened at $174.37 on Friday. The company’s 50 day moving average price is $175.76 and its 200 day moving average price is $168.49. The firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of 90.35 and a beta of 1.29. Novanta Inc. has a fifty-two week low of $111.20 and a fifty-two week high of $187.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.04. Novanta had a net margin of 6.91% and a return on equity of 15.77%. The company had revenue of $235.86 million for the quarter, compared to the consensus estimate of $233.63 million. During the same period in the prior year, the firm posted $0.80 EPS. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Novanta Inc. will post 3.3 EPS for the current fiscal year.

Insider Buying and Selling at Novanta

In other Novanta news, CFO Robert Buckley sold 1,830 shares of Novanta stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $161.09, for a total transaction of $294,794.70. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $19,398,296.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Novanta news, CEO Matthijs Glastra sold 1,086 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $160.84, for a total transaction of $174,672.24. Following the sale, the chief executive officer now owns 23,486 shares of the company’s stock, valued at $3,777,488.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Robert Buckley sold 1,830 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $161.09, for a total transaction of $294,794.70. Following the completion of the transaction, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $19,398,296.71. The disclosure for this sale can be found here. Insiders have sold a total of 15,063 shares of company stock worth $2,591,881 over the last ninety days. Corporate insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Robert W. Baird raised their price target on shares of Novanta from $170.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th.

Novanta Profile

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.