LPL Financial LLC Increases Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

LPL Financial LLC grew its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 19.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,537 shares of the technology company's stock after purchasing an additional 3,528 shares during the quarter. LPL Financial LLC owned about 0.06% of Novanta worth $3,246,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in NOVT. WCM Investment Management LLC acquired a new position in Novanta in the fourth quarter valued at $15,104,000. Franklin Resources Inc. lifted 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 purchasing an additional 81,942 shares during the period. Geneva Capital Management LLC boosted its position in shares of Novanta by 9.3% during the 4th quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock valued at $130,257,000 after purchasing an additional 72,592 shares in the last quarter. Telemark Asset Management LLC grew its stake in Novanta by 60.0% during the fourth quarter. Telemark Asset Management LLC now owns 160,000 shares of the technology company's stock worth $24,443,000 after purchasing an additional 60,000 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its holdings in Novanta by 8.0% in the fourth 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 in the last quarter. Institutional investors own 98.35% of the company's stock.

Remove Ads

Novanta Stock Down 0.3 %

Novanta stock traded down $0.39 during midday trading on Tuesday, reaching $114.09. The stock had a trading volume of 294,939 shares, compared to its average volume of 194,163. The company has a fifty day moving average price of $133.98 and a two-hundred day moving average price of $153.27. The company has a market capitalization of $4.10 billion, a P/E ratio of 68.32 and a beta of 1.42. 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 12 month low of $98.76 and a 12 month high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The company 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 quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 earnings per share. As a group, equities analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird lowered their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd.

About Novanta

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.