Associated Banc Corp Buys New Shares in Novanta Inc. (NASDAQ:NOVT)

Associated Banc Corp purchased a new position in Novanta Inc. (NASDAQ:NOVT) during the third quarter, HoldingsChannel reports. The institutional investor purchased 1,168 shares of the technology company’s stock, valued at approximately $209,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in shares of Novanta by 33.1% in the third quarter. GAMMA Investing LLC now owns 237 shares of the technology company’s stock worth $42,000 after acquiring an additional 59 shares during the last quarter. GHP Investment Advisors Inc. purchased a new position in Novanta during the third quarter worth approximately $49,000. nVerses Capital LLC acquired a new position in shares of Novanta in the 3rd quarter valued at $54,000. Signaturefd LLC grew its stake in shares of Novanta by 38.3% during the 2nd quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after buying an additional 100 shares during the period. Finally, Van ECK Associates Corp increased its holdings in shares of Novanta by 47.6% during the 2nd quarter. Van ECK Associates Corp now owns 750 shares of the technology company’s stock worth $122,000 after buying an additional 242 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Novanta

In other Novanta news, CEO Matthijs Glastra sold 7,500 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $179.70, for a total value of $1,347,750.00. Following the transaction, the chief executive officer now owns 56,382 shares in the company, valued at $10,131,845.40. The trade was a 11.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Robert Buckley sold 4,379 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $176.20, for a total transaction of $771,579.80. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at approximately $21,217,827.80. The trade was a 3.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,650 shares of company stock valued at $2,956,686 over the last quarter. Company insiders own 1.20% of the company’s stock.

Novanta Trading Down 3.9 %

NASDAQ NOVT opened at $166.62 on Wednesday. The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of 99.77 and a beta of 1.29. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. Novanta Inc. has a one year low of $142.35 and a one year high of $187.12. The company’s 50 day moving average price is $173.72 and its 200 day moving average price is $171.06.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, November 5th. The technology company reported $0.85 EPS for the quarter, meeting analysts’ consensus estimates 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 the consensus estimate of $242.33 million. During the same quarter last year, the firm posted $0.85 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, sell-side analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta Company 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.