Nicholas Company Inc. Purchases 13,944 Shares of Novanta Inc. (NASDAQ:NOVT)

Nicholas Company Inc. lifted its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 65.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,369 shares of the technology company's stock after acquiring an additional 13,944 shares during the quarter. Nicholas Company Inc. owned approximately 0.10% of Novanta worth $5,403,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of NOVT. WCM Investment Management LLC purchased a new position in Novanta in the fourth quarter valued at about $15,104,000. Franklin Resources Inc. grew its stake in shares of Novanta by 61.6% in the 3rd 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 in the last quarter. Geneva Capital Management LLC increased its holdings in Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after buying an additional 72,592 shares during the last quarter. Telemark Asset Management LLC increased its holdings in Novanta by 60.0% in the fourth quarter. Telemark Asset Management LLC now owns 160,000 shares of the technology company's stock worth $24,443,000 after buying an additional 60,000 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Novanta by 8.0% during 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 acquiring an additional 58,631 shares in the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

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Novanta Stock Down 1.8 %

Novanta stock traded down $2.46 during mid-day trading on Thursday, hitting $134.21. 247,483 shares of the company's stock were exchanged, compared to its average volume of 164,511. Novanta Inc. has a 1-year low of $132.98 and a 1-year high of $187.12. The stock has a 50 day moving average of $144.94 and a two-hundred day moving average of $160.47. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a market cap of $4.83 billion, a P/E ratio of 80.37 and a beta of 1.34.

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

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their target price on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research 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.