Raymond James Financial Inc. Makes New Investment in Novanta Inc. (NASDAQ:NOVT)

Raymond James Financial Inc. acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 51,717 shares of the technology company's stock, valued at approximately $7,901,000. Raymond James Financial Inc. owned 0.14% of Novanta at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Empowered Funds LLC bought a new stake in Novanta in the fourth quarter valued at $26,000. Huntington National Bank grew its holdings in shares of Novanta by 53.6% in the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after purchasing an additional 150 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Novanta during the 4th quarter worth about $97,000. Venturi Wealth Management LLC lifted its holdings in Novanta by 6,500.0% during the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after purchasing an additional 715 shares during the last quarter. Finally, KBC Group NV boosted its position in Novanta by 41.6% in the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company's stock valued at $229,000 after buying an additional 441 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Trading Up 2.1 %

Shares of NOVT opened at $112.82 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 67.56 and a beta of 1.42. The stock has a fifty day moving average price of $129.92 and a two-hundred day moving average price of $150.85. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly 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. The business had revenue of $238.10 million during the quarter, compared to analysts' expectations of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.63 earnings per share. Analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a report 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.

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