Novanta Inc. (NASDAQ:NOVT) Position Trimmed by Bamco Inc. NY

Bamco Inc. NY trimmed its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 3.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 102,927 shares of the technology company's stock after selling 3,528 shares during the quarter. Bamco Inc. NY owned about 0.29% of Novanta worth $15,724,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in NOVT. KBC Group NV boosted its stake in Novanta by 41.6% during the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company's stock valued at $229,000 after purchasing an additional 441 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in Novanta by 4.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company's stock valued at $18,419,000 after buying an additional 4,648 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Novanta during the fourth quarter valued at about $5,298,000. Zions Bancorporation N.A. raised its position in Novanta by 21.2% in the fourth quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company's stock worth $2,171,000 after acquiring an additional 2,486 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Novanta by 8.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock valued at $119,757,000 after acquiring an additional 58,631 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Robert W. Baird lowered their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd.

Novanta Price Performance

Shares of NASDAQ:NOVT traded up $1.22 on Wednesday, reaching $118.91. 347,878 shares of the company traded hands, compared to its average volume of 203,019. The stock has a market capitalization of $4.28 billion, a PE ratio of 71.20 and a beta of 1.51. 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 company's 50 day moving average is $124.43 and its 200-day moving average is $146.73. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $233.37 million during the quarter, compared to analyst estimates of $233.34 million. During the same quarter last year, the company posted $0.74 EPS. Novanta's revenue for the quarter was up 1.1% on a year-over-year basis. As a group, analysts anticipate 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.