Invesco Ltd. Sells 458,621 Shares of Novanta Inc. (NASDAQ:NOVT)

Invesco Ltd. lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 88.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,039 shares of the technology company's stock after selling 458,621 shares during the period. Invesco Ltd. owned approximately 0.16% of Novanta worth $8,867,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Empowered Funds LLC acquired a new position in Novanta during the 4th quarter worth approximately $26,000. Huntington National Bank increased its position in Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after buying an additional 150 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in Novanta in the fourth quarter valued at approximately $97,000. Venturi Wealth Management LLC lifted its position in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after buying an additional 715 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Novanta by 41.6% during the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company's stock worth $229,000 after acquiring an additional 441 shares during the period. Institutional investors own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird lowered their price target on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd.

Novanta Price Performance

Shares of NOVT traded down $0.81 during trading hours on Friday, hitting $119.74. 123,481 shares of the company were exchanged, compared to its average volume of 197,576. 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 Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 71.70 and a beta of 1.42. The firm's fifty day moving average is $128.43 and its 200 day moving average is $149.67.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $238.10 million during the quarter, compared to analysts' expectations of $240.29 million. During the same quarter in the prior year, the business posted $0.63 earnings per share. Novanta's revenue was up 12.5% compared to the same quarter last year. On average, equities analysts anticipate that Novanta Inc. will post 3.03 earnings per share 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.