Focus Partners Wealth Invests $538,000 in Novanta Inc. (NASDAQ:NOVT)

Focus Partners Wealth bought a new position in Novanta Inc. (NASDAQ:NOVT - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,523 shares of the technology company's stock, valued at approximately $538,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. D. E. Shaw & Co. Inc. purchased a new stake in shares of Novanta in the 4th quarter worth about $3,681,000. Deutsche Bank AG grew its position in shares of Novanta by 57.5% in the 4th quarter. Deutsche Bank AG now owns 33,840 shares of the technology company's stock worth $5,170,000 after buying an additional 12,350 shares during the period. BW Gestao de Investimentos Ltda. purchased a new stake in shares of Novanta in the 4th quarter worth about $2,317,000. Balyasny Asset Management L.P. purchased a new stake in shares of Novanta in the 4th quarter worth about $733,000. Finally, Ameriprise Financial Inc. grew its position in Novanta by 9.9% during the 4th quarter. Ameriprise Financial Inc. now owns 457,225 shares of the technology company's stock valued at $69,850,000 after purchasing an additional 41,024 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Performance

Shares of NOVT stock opened at $129.26 on Tuesday. Novanta Inc. has a one year low of $98.76 and a one year high of $187.12. The company's 50-day moving average is $122.58 and its 200 day moving average is $143.84. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 77.40 and a beta of 1.51. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.68 by $0.06. The company had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. Novanta's revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.74 EPS. Sell-side analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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