Bessemer Group Inc. Sells 16,861 Shares of Novanta Inc. (NASDAQ:NOVT)

Bessemer Group Inc. reduced its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 10.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 145,612 shares of the technology company's stock after selling 16,861 shares during the quarter. Bessemer Group Inc. owned approximately 0.41% of Novanta worth $22,245,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank acquired a new stake in Novanta in the 4th quarter valued at about $48,442,000. WCM Investment Management LLC bought a new stake in Novanta in the 4th quarter valued at $15,104,000. Schroder Investment Management Group boosted its stake in Novanta by 52.5% in the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock valued at $41,359,000 after purchasing an additional 93,511 shares during the period. Franklin Resources Inc. boosted its stake in shares of Novanta by 61.6% in the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company's stock valued at $37,916,000 after buying an additional 81,942 shares during the period. Finally, Geneva Capital Management LLC increased its stake in Novanta by 9.3% in the fourth 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 last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Down 0.6 %

Shares of NASDAQ NOVT traded down $0.65 during midday trading on Wednesday, hitting $113.44. The stock had a trading volume of 70,822 shares, compared to its average volume of 193,936. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The company has a market cap of $4.08 billion, a P/E ratio of 67.93 and a beta of 1.42. The business's 50 day moving average is $133.29 and its 200-day moving average is $153.00. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $240.29 million. During the same quarter in the previous year, the firm posted $0.63 earnings per share. The company's revenue was up 12.5% on a year-over-year basis. As a group, analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analysts Forecast Growth

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