Rhumbline Advisers Boosts Stock Position in Novanta Inc. (NASDAQ:NOVT)

Rhumbline Advisers raised its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 2.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,325 shares of the technology company's stock after acquiring an additional 3,037 shares during the quarter. Rhumbline Advisers owned about 0.31% of Novanta worth $14,363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in shares of Novanta in the fourth quarter worth $48,442,000. T. Rowe Price Investment Management Inc. increased its holdings in shares of Novanta by 69.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company's stock worth $103,910,000 after purchasing an additional 279,793 shares during the period. WCM Investment Management LLC bought a new position in shares of Novanta in the fourth quarter worth $15,104,000. Schroder Investment Management Group increased its holdings in shares of Novanta by 52.5% in the fourth quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock worth $41,359,000 after purchasing an additional 93,511 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of Novanta by 2,714.7% in the fourth quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock worth $13,489,000 after purchasing an additional 85,160 shares during the period. Institutional investors own 98.35% of the company's stock.

Novanta Price Performance

NASDAQ:NOVT traded down $1.91 during midday trading on Wednesday, hitting $127.76. The company had a trading volume of 218,992 shares, compared to its average volume of 216,465. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12. The stock's fifty day moving average price is $120.53 and its 200-day moving average price is $138.71. The company has a market capitalization of $4.60 billion, a PE ratio of 76.50 and a beta of 1.46. 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 announced 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. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company had revenue of $233.37 million during the quarter, compared to analyst estimates of $233.34 million. During the same period in the previous year, the business earned $0.74 earnings per share. The firm's quarterly revenue was up 1.1% compared to the same quarter last year. As a group, research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NOVT. Wall Street Zen raised shares of Novanta from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Robert W. Baird cut their target price on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research report 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.