Teacher Retirement System of Texas Takes $567,000 Position in Novanta Inc (NOVT)

Teacher Retirement System of Texas acquired a new stake in Novanta Inc (NASDAQ:NOVT) during the 4th quarter, HoldingsChannel reports. The firm acquired 11,334 shares of the technology company’s stock, valued at approximately $567,000.

A number of other institutional investors have also recently bought and sold shares of NOVT. Wade G W & Inc. purchased a new position in Novanta in the third quarter valued at approximately $217,000. Cubist Systematic Strategies LLC purchased a new position in Novanta in the third quarter valued at approximately $240,000. Prudential Financial Inc. purchased a new position in Novanta in the third quarter valued at approximately $269,000. Caxton Associates LP purchased a new position in Novanta in the third quarter valued at approximately $283,000. Finally, Principal Financial Group Inc. purchased a new position in Novanta in the third quarter valued at approximately $294,000. Institutional investors and hedge funds own 82.74% of the company’s stock.

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Several equities research analysts have issued reports on the company. Robert W. Baird assumed coverage on Novanta in a research report on Thursday, December 7th. They set an “outperform” rating and a $54.00 target price on the stock. BidaskClub upgraded Novanta from a “hold” rating to a “buy” rating in a research report on Tuesday, December 12th. Finally, William Blair assumed coverage on Novanta in a research report on Tuesday, February 27th. They set an “outperform” rating on the stock.

In other Novanta news, CFO Robert Buckley sold 8,850 shares of the stock in a transaction on Monday, March 5th. The stock was sold at an average price of $55.55, for a total transaction of $491,617.50. Following the sale, the chief financial officer now owns 184,187 shares in the company, valued at $10,231,587.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 8.30% of the company’s stock.

Shares of Novanta Inc (NASDAQ:NOVT) opened at $56.80 on Tuesday. The stock has a market capitalization of $1,973.76, a price-to-earnings ratio of 35.44 and a beta of 1.33. Novanta Inc has a 12-month low of $25.85 and a 12-month high of $60.30. The company has a current ratio of 2.93, a quick ratio of 2.00 and a debt-to-equity ratio of 0.72.

Novanta (NASDAQ:NOVT) last posted its earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03. The firm had revenue of $146.92 million for the quarter, compared to the consensus estimate of $146.35 million. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The business’s quarterly revenue was up 48.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.35 earnings per share. sell-side analysts forecast that Novanta Inc will post 1.92 EPS for the current year.

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About Novanta

Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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