Mutual of America Capital Management LLC Purchases 2,912 Shares of Novanta Inc. (NASDAQ:NOVT)

Mutual of America Capital Management LLC increased its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 6.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,153 shares of the technology company's stock after acquiring an additional 2,912 shares during the quarter. Mutual of America Capital Management LLC owned 0.13% of Novanta worth $7,051,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Empowered Funds LLC acquired a new position in shares of Novanta during the fourth quarter valued at about $26,000. Venturi Wealth Management LLC raised its stake in Novanta by 6,500.0% during the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock worth $111,000 after buying an additional 715 shares during the period. Van ECK Associates Corp boosted its holdings in Novanta by 28.4% in the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company's stock worth $166,000 after acquiring an additional 213 shares in the last quarter. KBC Group NV grew its stake in Novanta by 14.9% in the third quarter. KBC Group NV now owns 1,059 shares of the technology company's stock valued at $189,000 after acquiring an additional 137 shares during the period. Finally, Associated Banc Corp bought a new stake in shares of Novanta during the third quarter valued at approximately $209,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Down 1.0 %

Shares of NASDAQ NOVT traded down $1.37 during mid-day trading on Thursday, reaching $141.30. 59,649 shares of the company's stock traded hands, compared to its average volume of 160,745. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The business has a 50-day simple moving average of $147.87 and a 200 day simple moving average of $163.53. The stock has a market cap of $5.08 billion, a P/E ratio of 84.39 and a beta of 1.34. Novanta Inc. has a 1-year low of $136.02 and a 1-year high of $187.12.

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Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $238.10 million for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 EPS. On average, analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.