Novanta Inc. (NASDAQ:NOVT) Shares Sold by Norden Group LLC

Norden Group LLC reduced its stake in Novanta Inc. (NASDAQ:NOVT) by 6.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,892 shares of the technology company’s stock after selling 184 shares during the period. Norden Group LLC’s holdings in Novanta were worth $442,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Mutual of America Capital Management LLC boosted its stake in Novanta by 6.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 46,153 shares of the technology company’s stock valued at $7,051,000 after acquiring an additional 2,912 shares during the period. Versor Investments LP acquired a new position in Novanta in the fourth quarter valued at approximately $275,000. Proficio Capital Partners LLC acquired a new position in Novanta in the fourth quarter valued at approximately $5,298,000. Handelsbanken Fonder AB boosted its stake in Novanta by 16.6% in the fourth quarter. Handelsbanken Fonder AB now owns 9,811 shares of the technology company’s stock valued at $1,499,000 after acquiring an additional 1,400 shares during the period. Finally, New York State Common Retirement Fund boosted its stake in Novanta by 0.8% in the fourth quarter. New York State Common Retirement Fund now owns 89,320 shares of the technology company’s stock valued at $13,645,000 after acquiring an additional 700 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Robert W. Baird decreased 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.

Novanta Stock Performance

Shares of NASDAQ NOVT opened at $143.37 on Tuesday. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $148.44 and a 200-day simple moving average of $163.96. The company has a market cap of $5.16 billion, a PE ratio of 85.85 and a beta of 1.28. Novanta Inc. has a 12-month low of $137.91 and a 12-month 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 (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. The business had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business’s revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 earnings per share. On average, equities research analysts forecast that Novanta Inc. will post 3.03 EPS for the current 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.