Ameriprise Financial Inc. Has $69.85 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Ameriprise Financial Inc. lifted its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 457,225 shares of the technology company's stock after buying an additional 41,024 shares during the period. Ameriprise Financial Inc. owned approximately 1.27% of Novanta worth $69,850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Empowered Funds LLC bought a new position in shares of Novanta during the fourth quarter worth about $26,000. Johnson Financial Group Inc. lifted its position in shares of Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after purchasing an additional 270 shares during the last quarter. Huntington National Bank lifted its position in shares of Novanta by 53.6% during the fourth 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. bought a new position in shares of Novanta during the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC lifted its position in shares of Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock worth $111,000 after purchasing an additional 715 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

NASDAQ NOVT traded up $1.22 during trading hours on Tuesday, reaching $132.90. The company's stock had a trading volume of 241,541 shares, compared to its average volume of 205,621. 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 business has a 50-day simple moving average of $123.44 and a 200 day simple moving average of $145.36. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The stock has a market cap of $4.78 billion, a PE ratio of 79.58 and a beta of 1.51.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.06. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $233.37 million for the quarter, compared to analysts' expectations of $233.34 million. During the same quarter last year, the company posted $0.74 earnings per share. Novanta's revenue was up 1.1% on a year-over-year basis. Equities research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Robert W. Baird reduced their price target on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research report 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.