Bessemer Group Inc. Has $19.36 Million Stake in Novanta Inc. (NASDAQ:NOVT)

Bessemer Group Inc. raised its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 4.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 151,430 shares of the technology company's stock after buying an additional 5,818 shares during the period. Bessemer Group Inc. owned 0.42% of Novanta worth $19,362,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Arizona State Retirement System grew its position in shares of Novanta by 0.7% during the 4th quarter. Arizona State Retirement System now owns 10,412 shares of the technology company's stock worth $1,591,000 after buying an additional 76 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in Novanta by 5.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock valued at $258,000 after acquiring an additional 90 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in Novanta by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company's stock worth $537,000 after acquiring an additional 105 shares during the period. State of Wyoming raised its position in shares of Novanta by 4.4% during the 4th quarter. State of Wyoming now owns 2,536 shares of the technology company's stock valued at $387,000 after acquiring an additional 106 shares during the last quarter. Finally, Huntington National Bank lifted its stake in shares of Novanta by 53.6% in the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after purchasing an additional 150 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Trading Down 0.8%

Novanta stock traded down $1.07 during midday trading on Monday, hitting $128.93. 428,051 shares of the stock were exchanged, compared to its average volume of 220,711. The stock has a market capitalization of $4.64 billion, a PE ratio of 65.78 and a beta of 1.46. The company has a fifty day simple moving average of $123.91 and a two-hundred day simple moving average of $134.45. The company has a quick ratio of 1.70, a current ratio of 2.56 and a debt-to-equity ratio of 0.50. 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 issued its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.68 by $0.06. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The business had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. During the same quarter last year, the business posted $0.74 EPS. The firm's revenue was up 1.1% compared to the same quarter last year. Equities research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on NOVT shares. Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Robert W. Baird cut their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research note on Monday, March 3rd.

About Novanta

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.