KLP Kapitalforvaltning AS Invests $1.13 Million in Novanta Inc. (NASDAQ:NOVT)

KLP Kapitalforvaltning AS acquired a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 7,400 shares of the technology company's stock, valued at approximately $1,130,000.

Other institutional investors and hedge funds have also modified their holdings of the company. WCM Investment Management LLC acquired a new stake in Novanta during the 4th quarter worth approximately $15,104,000. Franklin Resources Inc. increased its position in shares of Novanta by 61.6% during the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company's stock worth $37,916,000 after acquiring an additional 81,942 shares in the last quarter. Geneva Capital Management LLC raised its holdings in shares of Novanta by 9.3% during the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after acquiring an additional 72,592 shares during the period. Telemark Asset Management LLC lifted its position in Novanta by 60.0% in the 4th quarter. Telemark Asset Management LLC now owns 160,000 shares of the technology company's stock valued at $24,443,000 after acquiring an additional 60,000 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Novanta by 8.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock worth $119,757,000 after purchasing an additional 58,631 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Down 10.0 %

NASDAQ:NOVT traded down $12.92 during trading hours on Thursday, reaching $115.73. 316,041 shares of the stock were exchanged, compared to its average volume of 175,926. The stock has a market cap of $4.16 billion, a PE ratio of 69.30 and a beta of 1.42. Novanta Inc. has a twelve month low of $115.58 and a twelve month high of $187.12. The firm has a 50 day moving average of $140.88 and a 200 day moving average of $157.44. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

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

Wall Street Analysts Forecast Growth

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

Novanta Company 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.