Geneva Capital Management LLC raised its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 852,638 shares of the technology company's stock after acquiring an additional 72,592 shares during the quarter. Novanta makes up approximately 2.3% of Geneva Capital Management LLC's investment portfolio, making the stock its 12th largest position. Geneva Capital Management LLC owned 2.37% of Novanta worth $130,257,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of Novanta by 2.0% during the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company's stock valued at $232,313,000 after acquiring an additional 24,929 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock valued at $119,757,000 after purchasing an additional 58,631 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Novanta by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company's stock valued at $78,616,000 after purchasing an additional 4,271 shares in the last quarter. Loomis Sayles & Co. L P grew its holdings in shares of Novanta by 2.1% during the third quarter. Loomis Sayles & Co. L P now owns 289,473 shares of the technology company's stock worth $51,792,000 after purchasing an additional 6,019 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Novanta by 61.6% in the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company's stock valued at $37,916,000 after buying an additional 81,942 shares during the period. Institutional investors own 98.35% of the company's stock.
Novanta Trading Down 1.6 %
Shares of Novanta stock traded down $2.24 during trading on Monday, hitting $140.75. The company's stock had a trading volume of 252,309 shares, compared to its average volume of 162,113. The stock has a market cap of $5.06 billion, a price-to-earnings ratio of 84.28 and a beta of 1.34. Novanta Inc. has a 52 week low of $136.02 and a 52 week high of $187.12. The stock has a 50-day moving average price of $147.35 and a two-hundred day moving average price of $162.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.
Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. The firm had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business's revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 EPS. Equities research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.
Analyst Ratings Changes
Separately, Robert W. Baird cut their target price on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd.
Read Our Latest Stock Report on NOVT
About Novanta
(
Free Report)
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.
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