D. E. Shaw & Co. Inc. Acquires New Position in Novanta Inc. (NASDAQ:NOVT)

D. E. Shaw & Co. Inc. acquired a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 24,094 shares of the technology company's stock, valued at approximately $3,681,000. D. E. Shaw & Co. Inc. owned approximately 0.07% of Novanta at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Deutsche Bank AG grew its stake in Novanta by 57.5% during the fourth quarter. Deutsche Bank AG now owns 33,840 shares of the technology company's stock valued at $5,170,000 after acquiring an additional 12,350 shares in the last quarter. BW Gestao de Investimentos Ltda. purchased a new position in Novanta during the fourth quarter valued at approximately $2,317,000. Balyasny Asset Management L.P. purchased a new position in Novanta during the fourth quarter valued at approximately $733,000. Ameriprise Financial Inc. grew its stake in Novanta by 9.9% during the fourth quarter. Ameriprise Financial Inc. now owns 457,225 shares of the technology company's stock valued at $69,850,000 after acquiring an additional 41,024 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Novanta by 14.0% during the fourth quarter. Northern Trust Corp now owns 487,688 shares of the technology company's stock valued at $74,504,000 after acquiring an additional 59,986 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Price Performance

NASDAQ:NOVT traded down $5.34 during mid-day trading on Wednesday, hitting $122.97. 357,712 shares of the stock traded hands, compared to its average volume of 210,171. The business's 50-day moving average price is $122.20 and its 200 day moving average price is $143.59. The company has a market cap of $4.42 billion, a PE ratio of 73.64 and a beta of 1.51. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $187.12. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 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 business had revenue of $233.37 million during the quarter, compared to analysts' expectations of $233.34 million. During the same quarter in the previous year, the company earned $0.74 EPS. The business's quarterly revenue was up 1.1% compared to the same quarter last year. On average, analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Robert W. Baird reduced their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company 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.