Corebridge Financial Inc. Reduces Holdings in Novanta Inc. (NASDAQ:NOVT)

Corebridge Financial Inc. reduced its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,234 shares of the technology company's stock after selling 3,142 shares during the period. Corebridge Financial Inc. owned 0.16% of Novanta worth $8,896,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in shares of Novanta during the third quarter worth about $948,000. Charles Schwab Investment Management Inc. grew its stake in Novanta by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company's stock worth $78,616,000 after buying an additional 4,271 shares during the last quarter. Citigroup Inc. lifted its stake in Novanta by 179.9% in the third quarter. Citigroup Inc. now owns 34,003 shares of the technology company's stock valued at $6,084,000 after buying an additional 21,854 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Novanta in the third quarter valued at approximately $366,000. Finally, FMR LLC grew its position in shares of Novanta by 127.0% during the third quarter. FMR LLC now owns 8,025 shares of the technology company's stock worth $1,436,000 after acquiring an additional 4,489 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Wall Street Analyst Weigh In

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

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Novanta Stock Performance

Shares of NOVT stock traded down $0.37 during trading hours on Tuesday, reaching $127.50. 190,860 shares of the company's stock were exchanged, compared to its average volume of 174,155. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. Novanta Inc. has a 1 year low of $125.42 and a 1 year high of $187.12. The company has a market cap of $4.59 billion, a P/E ratio of 76.35 and a beta of 1.34. The company's 50 day moving average is $142.00 and its two-hundred day moving average is $157.94.

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