Rhumbline Advisers Decreases Stock Position in Novanta Inc. $NOVT

Rhumbline Advisers trimmed its position in shares of Novanta Inc. (NASDAQ:NOVT) by 3.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,851 shares of the technology company’s stock after selling 3,934 shares during the quarter. Rhumbline Advisers’ holdings in Novanta were worth $11,402,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC boosted its stake in shares of Novanta by 78.9% during the 1st quarter. AQR Capital Management LLC now owns 4,231 shares of the technology company’s stock worth $537,000 after purchasing an additional 1,866 shares during the period. Goldman Sachs Group Inc. lifted its stake in Novanta by 1.6% in the first quarter. Goldman Sachs Group Inc. now owns 419,037 shares of the technology company’s stock worth $53,582,000 after purchasing an additional 6,533 shares during the last quarter. Jane Street Group LLC boosted its position in shares of Novanta by 1,762.5% during the first quarter. Jane Street Group LLC now owns 61,631 shares of the technology company’s stock valued at $7,881,000 after buying an additional 58,322 shares during the period. CWM LLC grew its stake in shares of Novanta by 199.0% during the second quarter. CWM LLC now owns 1,208 shares of the technology company’s stock valued at $156,000 after buying an additional 804 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Novanta by 10.5% in the second quarter. State of New Jersey Common Pension Fund D now owns 15,451 shares of the technology company’s stock worth $1,992,000 after buying an additional 1,463 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Insiders Place Their Bets

In other Novanta news, CFO Robert Buckley sold 1,423 shares of the company’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $140.14, for a total value of $199,419.22. Following the completion of the sale, the chief financial officer directly owned 91,034 shares in the company, valued at approximately $12,757,504.76. This represents a 1.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $145.04, for a total value of $1,087,800.00. Following the transaction, the chief executive officer directly owned 57,367 shares in the company, valued at $8,320,509.68. The trade was a 11.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 22,923 shares of company stock valued at $3,182,264. 1.20% of the stock is currently owned by corporate insiders.

Novanta Stock Performance

Novanta stock opened at $144.93 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.54 and a current ratio of 2.51. The company has a market capitalization of $5.19 billion, a PE ratio of 98.59 and a beta of 1.62. The company has a 50 day moving average price of $131.15 and a 200-day moving average price of $119.46. Novanta Inc. has a fifty-two week low of $98.27 and a fifty-two week high of $153.20.

Analyst Ratings Changes

A number of brokerages recently issued reports on NOVT. Zacks Research raised Novanta from a “strong sell” rating to a “hold” rating in a research note on Friday, January 16th. Weiss Ratings upgraded Novanta from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, January 20th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $133.00.

Novanta Company Profile

Novanta, Inc (NASDAQ: NOVT) is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta’s product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta’s Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.