Principal Financial Group Inc. Sells 13,545 Shares of Novanta Inc. (NASDAQ:NOVT) (2024)

Principal Financial Group Inc. trimmed its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 130,305 shares of the technology company's stock after selling 13,545 shares during the period. Principal Financial Group Inc. owned approximately 0.36% of Novanta worth $21,254,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of NOVT. Fifth Third Bancorp boosted its stake in shares of Novanta by 12.1% in the 1st quarter. Fifth Third Bancorp now owns 743 shares of the technology company's stock valued at $130,000 after purchasing an additional 80 shares during the last quarter. First Horizon Advisors Inc. grew its holdings in Novanta by 67.5% during the 4th quarter. First Horizon Advisors Inc. now owns 211 shares of the technology company's stock worth $36,000 after acquiring an additional 85 shares during the period. New York State Teachers Retirement System raised its position in shares of Novanta by 1.7% during the 1st quarter. New York State Teachers Retirement System now owns 5,876 shares of the technology company's stock valued at $1,027,000 after acquiring an additional 100 shares during the last quarter. Retirement Systems of Alabama lifted its stake in shares of Novanta by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 44,969 shares of the technology company's stock valued at $7,859,000 after purchasing an additional 119 shares during the period. Finally, Nisa Investment Advisors LLC boosted its position 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 purchasing an additional 132 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Trading Down 5.6 %

NASDAQ:NOVT traded down $10.19 during trading hours on Tuesday, hitting $173.09. The stock had a trading volume of 146,171 shares, compared to its average volume of 139,209. The business's 50 day moving average is $173.28 and its 200-day moving average is $167.84. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 90.44 and a beta of 1.31. Novanta Inc. has a one year low of $111.20 and a one year high of $187.12. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.73 and a current ratio of 2.77.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.69 by $0.04. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The business had revenue of $235.86 million for the quarter, compared to the consensus estimate of $233.63 million. During the same quarter last year, the business posted $0.80 EPS. The firm's revenue was up 2.8% compared to the same quarter last year. Sell-side analysts anticipate that Novanta Inc. will post 3.3 EPS for the current fiscal year.

Insider Activity at Novanta

In other news, CEO Matthijs Glastra sold 1,086 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the sale, the chief executive officer now owns 23,486 shares of the company's stock, valued at $3,777,488.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Robert Buckley sold 1,830 shares of the firm's stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $161.09, for a total transaction of $294,794.70. Following the completion of the transaction, the chief financial officer now directly owns 120,419 shares of the company's stock, valued at approximately $19,398,296.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthijs Glastra sold 1,086 shares of the business's stock in a transaction on Monday, July 1st. The stock was sold at an average price of $160.84, for a total transaction of $174,672.24. Following the completion of the sale, the chief executive officer now directly owns 23,486 shares in the company, valued at approximately $3,777,488.24. The disclosure for this sale can be found here. In the last three months, insiders sold 11,684 shares of company stock worth $1,978,901. 1.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Robert W. Baird increased their target price on Novanta from $170.00 to $175.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th.

View Our Latest Analysis on Novanta

About Novanta

(Free Report)

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.

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