Blair William & Co. IL Boosts Stock Position in Novanta Inc. (NASDAQ:NOVT)

Blair William & Co. IL raised its position in Novanta Inc. (NASDAQ:NOVT) by 2.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 448,434 shares of the technology company’s stock after acquiring an additional 10,459 shares during the quarter. Blair William & Co. IL owned approximately 1.25% of Novanta worth $68,507,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NOVT. Intech Investment Management LLC acquired a new stake in Novanta during the 3rd quarter worth approximately $948,000. Charles Schwab Investment Management Inc. grew its holdings 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 acquiring an additional 4,271 shares in the last quarter. Citigroup Inc. increased its position in shares of Novanta by 179.9% in the 3rd quarter. Citigroup Inc. now owns 34,003 shares of the technology company’s stock valued at $6,084,000 after purchasing an additional 21,854 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Novanta in the 3rd quarter valued at $366,000. Finally, Associated Banc Corp purchased a new stake in shares of Novanta during the 3rd quarter worth $209,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Price Performance

Shares of NOVT opened at $135.19 on Thursday. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of 80.95 and a beta of 1.34. Novanta Inc. has a fifty-two week low of $131.03 and a fifty-two week high of $187.12. The firm has a 50-day simple moving average of $143.63 and a 200-day simple moving average of $159.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT) last released 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. The business had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.63 earnings per share. On average, equities research analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

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 on the stock in a research note on Monday, March 3rd.

Novanta 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.