Fred Alger Management LLC raised its stake in Novanta Inc. (NASDAQ:NOVT – Free Report) by 17.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 504,159 shares of the technology company’s stock after purchasing an additional 75,708 shares during the period. Fred Alger Management LLC owned about 1.41% of Novanta worth $80,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Ameritas Investment Partners Inc. increased its holdings in shares of Novanta by 0.6% in the 1st quarter. Ameritas Investment Partners Inc. now owns 12,019 shares of the technology company’s stock valued at $1,912,000 after acquiring an additional 67 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Novanta by 0.8% in the 4th quarter. Thrivent Financial for Lutherans now owns 9,506 shares of the technology company’s stock valued at $1,292,000 after acquiring an additional 72 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in shares of Novanta by 3.4% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 2,185 shares of the technology company’s stock valued at $297,000 after acquiring an additional 72 shares during the last quarter. Metropolitan Life Insurance Co NY increased its holdings in shares of Novanta by 3.4% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 2,185 shares of the technology company’s stock valued at $297,000 after acquiring an additional 72 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Novanta by 3.5% in the 1st quarter. Mackenzie Financial Corp now owns 2,212 shares of the technology company’s stock valued at $352,000 after acquiring an additional 75 shares during the last quarter. Institutional investors and hedge funds own 96.84% of the company’s stock.
Novanta Stock Performance
Novanta stock traded down $1.65 during mid-day trading on Tuesday, reaching $157.44. 41,549 shares of the company were exchanged, compared to its average volume of 124,374. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.85 and a current ratio of 3.05. The firm’s 50-day simple moving average is $167.31 and its two-hundred day simple moving average is $162.58. The firm has a market cap of $5.64 billion, a PE ratio of 74.34 and a beta of 1.28. Novanta Inc. has a twelve month low of $111.02 and a twelve month high of $187.60.
Novanta (NASDAQ:NOVT – Get Free Report) last posted its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.72 by $0.08. The business had revenue of $229.46 million during the quarter, compared to analysts’ expectations of $225.50 million. Novanta had a return on equity of 19.05% and a net margin of 8.64%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the firm earned $0.78 EPS. Equities analysts predict that Novanta Inc. will post 3.06 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Separately, StockNews.com started coverage on Novanta in a research note on Thursday, August 17th. They set a “hold” rating on the stock.
Insider Buying and Selling
In related news, CFO Robert Buckley sold 3,000 shares of Novanta stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $160.20, for a total transaction of $480,600.00. Following the completion of the transaction, the chief financial officer now directly owns 136,556 shares of the company’s stock, valued at $21,876,271.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.20% of the stock is currently owned by insiders.
Novanta Company Profile
Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion in the United States and internationally. The company operates through three segments: Photonics, Vision, and Precision Motion. The Photonics segment offers photonics-based solutions, including laser scanning, beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.