Bessemer Group Inc. Boosts Stock Position in Novanta Inc. (NASDAQ:NOVT)

Bessemer Group Inc. lifted its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 151,430 shares of the technology company's stock after buying an additional 5,818 shares during the period. Bessemer Group Inc. owned approximately 0.42% of Novanta worth $19,362,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. D. E. Shaw & Co. Inc. purchased a new position in shares of Novanta in the 4th quarter worth approximately $3,681,000. Parallel Advisors LLC grew its holdings in Novanta by 1,426.7% during the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after purchasing an additional 214 shares during the period. GAMMA Investing LLC grew its holdings in Novanta by 31,357.7% during the first quarter. GAMMA Investing LLC now owns 51,276 shares of the technology company's stock valued at $6,557,000 after purchasing an additional 51,113 shares during the period. Proficio Capital Partners LLC bought a new position in Novanta during the fourth quarter valued at $5,298,000. Finally, Zions Bancorporation N.A. grew its holdings in Novanta by 21.2% during the fourth quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company's stock valued at $2,171,000 after purchasing an additional 2,486 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Robert W. Baird reduced their price objective on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a report on Monday, March 3rd.

Novanta Stock Performance

NASDAQ NOVT traded up $2.55 on Friday, hitting $130.00. 548,118 shares of the stock traded hands, compared to its average volume of 219,919. The business's fifty day moving average is $123.23 and its two-hundred day moving average is $135.41. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $187.12. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of 66.33 and a beta of 1.46. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.06. The firm had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.74 earnings per share. As a group, equities analysts anticipate that Novanta Inc. will post 3.03 EPS 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.