Teachers Retirement System of The State of Kentucky Sells 550 Shares of Novanta Inc. (NASDAQ:NOVT)

Teachers Retirement System of The State of Kentucky trimmed its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 4.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 10,803 shares of the technology company’s stock after selling 550 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Novanta were worth $1,650,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Novanta by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock worth $629,997,000 after acquiring an additional 62,585 shares during the period. Alliancebernstein L.P. increased its holdings in Novanta by 6.2% during the 4th quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company’s stock worth $153,515,000 after purchasing an additional 58,864 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of Novanta by 1.2% in the 4th quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company’s stock valued at $149,079,000 after purchasing an additional 11,361 shares during the period. Geneva Capital Management LLC lifted its holdings in shares of Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company’s stock valued at $130,257,000 after purchasing an additional 72,592 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Novanta by 8.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock worth $119,757,000 after buying an additional 58,631 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Robert W. Baird dropped their target price on Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday, March 3rd.

Novanta Stock Performance

Shares of NOVT stock opened at $119.74 on Friday. The firm has a market cap of $4.31 billion, a PE ratio of 71.70 and a beta of 1.42. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $187.12. The company’s fifty day simple moving average is $128.43 and its 200-day simple moving average is $149.67. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. The firm had revenue of $238.10 million for the quarter, compared to analysts’ expectations of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 EPS. Equities research analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.