MetLife Investment Management LLC Has $6.31 Million Holdings in Novanta Inc. (NASDAQ:NOVT)

MetLife Investment Management LLC boosted its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 8.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,301 shares of the technology company's stock after purchasing an additional 3,081 shares during the quarter. MetLife Investment Management LLC owned about 0.11% of Novanta worth $6,310,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System grew its holdings in shares of Novanta by 0.7% in the 4th quarter. Arizona State Retirement System now owns 10,412 shares of the technology company's stock worth $1,591,000 after acquiring an additional 76 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in Novanta by 5.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock valued at $258,000 after buying an additional 90 shares during the period. Huntington National Bank raised its holdings in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after buying an additional 150 shares during the period. Empowered Funds LLC purchased a new stake in Novanta during the 4th quarter worth approximately $26,000. Finally, Moran Wealth Management LLC raised its stake in Novanta by 9.4% during the fourth quarter. Moran Wealth Management LLC now owns 3,241 shares of the technology company's stock valued at $495,000 after buying an additional 278 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Analyst Ratings Changes

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 Stock Down 0.7 %

Shares of NOVT stock traded down $0.81 on Friday, hitting $119.74. The company's stock had a trading volume of 123,481 shares, compared to its average volume of 197,260. 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 stock has a market capitalization 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 price is $128.91 and its 200-day moving average price is $150.23. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its 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. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. The firm's revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. Research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

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.