Arizona State Retirement System Decreases Stake in Novanta Inc. (NASDAQ:NOVT)

Arizona State Retirement System reduced its holdings in Novanta Inc. (NASDAQ:NOVTGet Rating) by 0.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,552 shares of the technology company’s stock after selling 86 shares during the quarter. Arizona State Retirement System’s holdings in Novanta were worth $1,684,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NOVT. Morgan Stanley grew its position in shares of Novanta by 758.3% in the 2nd quarter. Morgan Stanley now owns 41,252 shares of the technology company’s stock worth $5,560,000 after buying an additional 36,446 shares during the last quarter. State of New Jersey Common Pension Fund D grew its position in shares of Novanta by 6.1% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 20,222 shares of the technology company’s stock worth $3,124,000 after buying an additional 1,165 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Novanta by 18.9% in the 3rd quarter. SG Americas Securities LLC now owns 24,045 shares of the technology company’s stock worth $3,715,000 after buying an additional 3,818 shares during the last quarter. Independent Advisor Alliance grew its position in shares of Novanta by 2.6% in the 3rd quarter. Independent Advisor Alliance now owns 3,714 shares of the technology company’s stock worth $574,000 after buying an additional 94 shares during the last quarter. Finally, Raymond James & Associates grew its position in shares of Novanta by 10.1% in the 3rd quarter. Raymond James & Associates now owns 20,593 shares of the technology company’s stock worth $3,182,000 after buying an additional 1,893 shares during the last quarter. Hedge funds and other institutional investors own 96.90% of the company’s stock.

Several research firms recently weighed in on NOVT. StockNews.com began coverage on Novanta in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research lowered Novanta from a “hold” rating to a “sell” rating in a research report on Tuesday, March 8th.

NASDAQ NOVT opened at $127.26 on Friday. The company has a quick ratio of 1.35, a current ratio of 2.03 and a debt-to-equity ratio of 0.82. Novanta Inc. has a twelve month low of $122.17 and a twelve month high of $184.44. The firm has a market capitalization of $4.54 billion, a PE ratio of 90.26 and a beta of 1.10. The stock’s 50 day moving average is $135.39 and its 200 day moving average is $151.64.

Novanta (NASDAQ:NOVTGet Rating) last released its quarterly earnings results on Tuesday, March 1st. The technology company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.04. The company had revenue of $198.96 million for the quarter, compared to analyst estimates of $191.64 million. Novanta had a return on equity of 18.86% and a net margin of 7.12%. The firm’s revenue was up 34.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. On average, research analysts anticipate that Novanta Inc. will post 2.93 earnings per share for the current year.

Novanta Company Profile (Get Rating)

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. Its Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products for photonics-based applications, such as industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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