A Sunday regulatory filing revealed the California State Teachers' Retirement System (CalSTRS) acquired over 6.73 million Novanta Inc. shares. This Q2 13F filing shows the pension fund increased its position by more than 16,000%.
CalSTRS now holds nearly 6.78 million shares. This position represents approximately 17.91% of the technology company. The total stake is worth approximately $1.1 billion.
The investment establishes CalSTRS as a top shareholder in Novanta. This move follows Novanta's August report of second-quarter earnings and revenue that exceeded analyst estimates.