Telemark Asset Management LLC Increases Stake in Novanta Inc. (NASDAQ:NOVT)

Telemark Asset Management LLC boosted its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 60.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 160,000 shares of the technology company's stock after buying an additional 60,000 shares during the period. Novanta makes up approximately 2.4% of Telemark Asset Management LLC's investment portfolio, making the stock its 12th largest holding. Telemark Asset Management LLC owned 0.45% of Novanta worth $24,443,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new stake in Novanta in the 3rd quarter worth approximately $232,000. KBC Group NV raised its stake in shares of Novanta by 41.6% during the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company's stock worth $229,000 after buying an additional 441 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of Novanta by 4.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company's stock worth $18,419,000 after buying an additional 4,648 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Novanta by 110.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 100,259 shares of the technology company's stock worth $17,938,000 after buying an additional 52,573 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of 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 period. Hedge funds and other institutional investors own 98.35% of the company's stock.

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Wall Street Analyst Weigh In

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

Novanta Price Performance

NASDAQ NOVT traded down $0.50 during mid-day trading on Thursday, hitting $134.47. The stock had a trading volume of 202,441 shares, compared to its average volume of 163,848. The firm's 50 day moving average is $146.11 and its 200 day moving average is $161.88. Novanta Inc. has a twelve month low of $132.89 and a twelve month high of $187.12. 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 $4.84 billion, a price-to-earnings ratio of 80.52 and a beta of 1.34.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping 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 business had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same period last year, the company earned $0.63 EPS. The company's revenue for the quarter was up 12.5% on a year-over-year basis. Equities research analysts forecast that Novanta Inc. will post 3.03 earnings per share 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.