Novanta Inc. (NASDAQ:NOVT) Shares Purchased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 17.8% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 118,062 shares of the technology company's stock after purchasing an additional 17,803 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.33% of Novanta worth $18,036,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NOVT. Arizona State Retirement System increased 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 purchasing an additional 76 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Novanta by 5.6% in the 4th 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 in the last quarter. State of Wyoming grew its position in Novanta by 4.4% in 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 in the last quarter. Huntington National Bank grew its position in shares of Novanta by 53.6% during the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after buying an additional 150 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Novanta during the fourth quarter worth about $26,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird lowered their price objective on Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd.

Novanta Stock Performance

Shares of Novanta stock traded down $0.55 during trading hours on Friday, hitting $123.77. 314,549 shares of the company were exchanged, compared to its average volume of 214,255. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average of $120.52 and a 200-day moving average of $141.30. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 74.11 and a beta of 1.51.

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 the consensus estimate of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. 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 prior year, the business earned $0.74 earnings per share. The company's quarterly revenue was up 1.1% compared to the same quarter last year. As a group, analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.