Mutual of America Capital Management LLC Has $7.74 Million Position in Novanta Inc. (NASDAQ:NOVT)

Mutual of America Capital Management LLC increased its holdings in Novanta Inc. (NASDAQ:NOVT) by 1.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,241 shares of the technology company’s stock after purchasing an additional 648 shares during the period. Mutual of America Capital Management LLC’s holdings in Novanta were worth $7,737,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Novanta by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,861,416 shares of the technology company’s stock worth $674,860,000 after purchasing an additional 45,937 shares in the last quarter. Clearline Capital LP raised its position in Novanta by 71.1% in the second quarter. Clearline Capital LP now owns 11,497 shares of the technology company’s stock worth $1,875,000 after purchasing an additional 4,778 shares in the last quarter. GAMMA Investing LLC raised its position in Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after purchasing an additional 59 shares in the last quarter. Raymond James & Associates raised its position in Novanta by 3.5% in the second quarter. Raymond James & Associates now owns 50,640 shares of the technology company’s stock worth $8,260,000 after purchasing an additional 1,720 shares in the last quarter. Finally, Blair William & Co. IL raised its position in Novanta by 10.1% in the second quarter. Blair William & Co. IL now owns 448,604 shares of the technology company’s stock worth $73,172,000 after purchasing an additional 41,296 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Analysts Set New Price Targets

Separately, Robert W. Baird dropped their price target on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th.

Insiders Place Their Bets

In other news, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the completion of the sale, the chief executive officer now owns 56,382 shares in the company, valued at $10,131,845.40. The trade was a 11.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert Buckley sold 1,111 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $180.45, for a total value of $200,479.95. Following the sale, the chief financial officer now owns 120,419 shares of the company’s stock, valued at approximately $21,729,608.55. The trade was a 0.91 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,650 shares of company stock valued at $2,956,686. 1.20% of the stock is currently owned by insiders.

Novanta Price Performance

Shares of Novanta stock opened at $165.77 on Tuesday. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 100.71 and a beta of 1.29. Novanta Inc. has a 1-year low of $140.92 and a 1-year high of $187.12. The firm’s 50-day moving average price is $174.01 and its two-hundred day moving average price is $170.73.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, hitting the consensus estimate of $0.85. The firm had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 earnings per share. On average, equities analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

About Novanta

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.