Novanta Inc. (NASDAQ:NOVT) Stock Holdings Lessened by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD lowered its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 7.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,907,841 shares of the technology company's stock after selling 157,292 shares during the quarter. Price T Rowe Associates Inc. MD owned about 5.31% of Novanta worth $291,462,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Novanta during the 4th quarter worth approximately $48,442,000. WCM Investment Management LLC acquired a new position in Novanta during the 4th quarter worth approximately $15,104,000. Schroder Investment Management Group lifted its position in Novanta by 52.5% during the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock worth $41,359,000 after acquiring an additional 93,511 shares in the last quarter. Franklin Resources Inc. lifted its position in Novanta by 61.6% during the 3rd 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 in the last quarter. Finally, Geneva Capital Management LLC lifted its position in Novanta by 9.3% during the 4th quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after acquiring an additional 72,592 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Stock Down 1.0 %

Novanta stock traded down $1.19 during midday trading on Monday, hitting $118.55. 245,880 shares of the company were exchanged, compared to its average volume of 197,769. The company's fifty day moving average price is $127.90 and its 200-day moving average price is $149.13. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12. The company has a market cap of $4.26 billion, a PE ratio of 70.99 and a beta of 1.42. 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 (NASDAQ:NOVT - Get Free Report) last announced its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (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 company had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. During the same period in the prior year, the company posted $0.63 EPS. Novanta's quarterly revenue was up 12.5% on a year-over-year basis. On average, research analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced their price target 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 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.