Novanta Inc (NASDAQ:NOVT) Shares Sold by Metropolitan Life Insurance Co NY

Metropolitan Life Insurance Co NY lessened its position in shares of Novanta Inc (NASDAQ:NOVT) by 8.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,912 shares of the technology company’s stock after selling 876 shares during the quarter. Metropolitan Life Insurance Co NY’s holdings in Novanta were worth $839,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its stake in shares of Novanta by 106.3% in the fourth quarter. Bank of Montreal Can now owns 462 shares of the technology company’s stock worth $29,000 after buying an additional 238 shares in the last quarter. Strs Ohio lifted its stake in shares of Novanta by 340.0% in the first quarter. Strs Ohio now owns 2,200 shares of the technology company’s stock worth $186,000 after buying an additional 1,700 shares in the last quarter. Amundi Pioneer Asset Management Inc. purchased a new position in shares of Novanta in the fourth quarter worth about $202,000. Oppenheimer Asset Management Inc. lifted its stake in shares of Novanta by 98.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 2,379 shares of the technology company’s stock worth $202,000 after buying an additional 1,183 shares in the last quarter. Finally, BB&T Corp purchased a new position in shares of Novanta in the first quarter worth about $227,000. Institutional investors own 87.17% of the company’s stock.

NOVT stock traded down $0.38 during trading on Friday, reaching $84.56. 50,872 shares of the stock were exchanged, compared to its average volume of 149,209. The company has a quick ratio of 1.78, a current ratio of 2.83 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $87.66. Novanta Inc has a 1 year low of $55.68 and a 1 year high of $96.31. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 39.15 and a beta of 1.53.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The business had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $155.85 million. During the same period last year, the business earned $0.47 earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts expect that Novanta Inc will post 2.41 EPS for the current fiscal year.

In related news, CEO Matthijs Glastra sold 30,100 shares of Novanta stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $93.21, for a total value of $2,805,621.00. Following the completion of the transaction, the chief executive officer now owns 123,448 shares in the company, valued at $11,506,588.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Robert Buckley sold 16,277 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the transaction, the chief financial officer now owns 158,803 shares of the company’s stock, valued at approximately $14,460,601.18. The disclosure for this sale can be found here. 4.90% of the stock is owned by company insiders.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of ExlService from a “hold” rating to a “sell” rating in a research note on Wednesday, July 10th. BidaskClub downgraded shares of Zebra Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday.

Novanta Company Profile

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. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material 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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