Commerce Bank Lowers Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Commerce Bank lowered its position in shares of Novanta Inc. (NASDAQ:NOVT) by 2.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,251 shares of the technology company’s stock after selling 125 shares during the quarter. Commerce Bank’s holdings in Novanta were worth $761,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Diversified Trust Co increased its position in shares of Novanta by 3.4% in the second quarter. Diversified Trust Co now owns 4,640 shares of the technology company’s stock valued at $757,000 after acquiring an additional 152 shares during the period. Yarbrough Capital LLC boosted its position in Novanta by 38.0% during the 2nd quarter. Yarbrough Capital LLC now owns 7,735 shares of the technology company’s stock valued at $1,262,000 after acquiring an additional 2,130 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Novanta by 3.5% during the 2nd quarter. Raymond James & Associates now owns 50,640 shares of the technology company’s stock worth $8,260,000 after acquiring an additional 1,720 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Novanta by 12.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,180 shares of the technology company’s stock worth $192,000 after acquiring an additional 132 shares in the last quarter. Finally, Nicholas Company Inc. boosted its stake in Novanta by 41.7% during the second quarter. Nicholas Company Inc. now owns 19,915 shares of the technology company’s stock worth $3,248,000 after acquiring an additional 5,865 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Stock Up 2.1 %

Novanta stock opened at $173.43 on Tuesday. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 103.85 and a beta of 1.29. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12 month low of $142.35 and a 12 month high of $187.12. The stock has a fifty day simple moving average of $173.77 and a two-hundred day simple moving average of $170.94.

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

Insiders Place Their Bets

In related news, CEO Matthijs Glastra sold 7,500 shares of Novanta stock in a transaction on Monday, November 11th. The stock was sold at an average price of $179.70, for a total value of $1,347,750.00. Following the completion of the sale, the chief executive officer now owns 56,382 shares of the company’s stock, valued at $10,131,845.40. The trade was a 11.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert Buckley sold 1,111 shares of the company’s stock in a transaction on Friday, September 27th. The shares were 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. This trade represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,650 shares of company stock valued at $2,956,686. Company insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird lowered their price objective on Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

Novanta Profile

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.