Summitry LLC Purchases 508 Shares of Novanta Inc. (NASDAQ:NOVT)

Summitry LLC grew its position in Novanta Inc. (NASDAQ:NOVT) by 40.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,759 shares of the technology company’s stock after buying an additional 508 shares during the period. Summitry LLC’s holdings in Novanta were worth $269,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. WCM Investment Management LLC purchased a new position in Novanta in the 4th quarter worth approximately $15,104,000. Franklin Resources Inc. raised its position in Novanta by 61.6% in the 3rd quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company’s stock worth $37,916,000 after buying an additional 81,942 shares during the last quarter. Geneva Capital Management LLC lifted its stake in 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 acquiring an additional 72,592 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Novanta by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock valued at $629,997,000 after acquiring an additional 62,585 shares during the last quarter. Finally, Telemark Asset Management LLC raised its holdings in shares of Novanta by 60.0% during the fourth quarter. Telemark Asset Management LLC now owns 160,000 shares of the technology company’s stock valued at $24,443,000 after purchasing an additional 60,000 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Down 0.5 %

NOVT stock opened at $136.82 on Wednesday. The company has a market cap of $4.92 billion, a price-to-earnings ratio of 81.93 and a beta of 1.34. 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 business’s 50-day moving average is $143.90 and its two-hundred day moving average is $159.28. Novanta Inc. has a fifty-two week low of $131.03 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $238.10 million for the quarter, compared to analysts’ expectations of $240.29 million. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s quarterly revenue was up 12.5% on a year-over-year basis. As a group, analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their target price 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.

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.