Neuberger Berman Group LLC Cuts Position in Novanta Inc. (NASDAQ:NOVT)

Neuberger Berman Group LLC trimmed its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 16.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 740,873 shares of the technology company's stock after selling 142,093 shares during the period. Neuberger Berman Group LLC owned approximately 2.06% of Novanta worth $113,183,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Novanta during the fourth quarter valued at approximately $48,442,000. WCM Investment Management LLC bought a new position in shares of Novanta during the 4th quarter valued at $15,104,000. Schroder Investment Management Group boosted its stake in shares of Novanta by 52.5% in the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock worth $41,359,000 after buying an additional 93,511 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 worth $37,916,000 after acquiring an additional 81,942 shares during the period. Finally, Geneva Capital Management LLC increased its position in Novanta by 9.3% during the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock valued at $130,257,000 after acquiring an additional 72,592 shares during the last quarter. Institutional investors own 98.35% of the company's stock.

Novanta Stock Performance

NOVT stock traded down $0.99 during midday trading on Tuesday, reaching $113.49. 144,715 shares of the company's stock traded hands, compared to its average volume of 193,579. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12. The stock has a market cap of $4.08 billion, a P/E ratio of 67.96 and a beta of 1.42. The stock's 50-day moving average is $133.98 and its 200 day moving average is $153.27.

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Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. The firm had revenue of $238.10 million during 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%. Novanta's revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 EPS. As a group, analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Ratings Changes

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

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.