Vanguard Group Inc. Sells 31,178 Shares of Novanta Inc. $NOVT

Key Points

• Vanguard Group Inc. has reduced its stake in Novanta Inc. by 0.8% during the first quarter, now owning approximately 11.38% of the company, valued at $523 million.
• Several institutional investors, including the State of Michigan Retirement System and the Louisiana State Employees Retirement System, have increased their stakes in Novanta in the same quarter.
• Analysts have downgraded Novanta's stock rating from "buy" to "hold" and adjusted the target price from $139 to $133, reflecting cautious sentiment among market watchers.

Vanguard Group Inc. decreased its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,092,650 shares of the technology company's stock after selling 31,178 shares during the quarter. Vanguard Group Inc. owned 11.38% of Novanta worth $523,327,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in NOVT. T. Rowe Price Investment Management Inc. boosted its stake in 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 in the last quarter. Millennium Management LLC lifted its position in Novanta by 2,714.7% during the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock worth $13,489,000 after buying an additional 85,160 shares in the last quarter. Geneva Capital Management LLC grew its holdings in Novanta by 9.5% during the 1st quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company's stock worth $119,435,000 after acquiring an additional 81,397 shares during the last quarter. Northern Trust Corp increased its position in Novanta by 14.0% in the 4th quarter. Northern Trust Corp now owns 487,688 shares of the technology company's stock valued at $74,504,000 after acquiring an additional 59,986 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Novanta during the fourth quarter worth approximately $7,901,000. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Stock Performance

Shares of NOVT traded up $4.66 during midday trading on Monday, reaching $119.63. The stock had a trading volume of 238,082 shares, compared to its average volume of 290,562. The firm has a 50 day simple moving average of $124.74 and a 200-day simple moving average of $127.87. The firm has a market cap of $4.30 billion, a PE ratio of 70.37 and a beta of 1.48. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57. Novanta Inc. has a one year low of $98.76 and a one year high of $186.75.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%. The firm had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. During the same period in the prior year, the company posted $0.73 EPS. The company's revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on NOVT shares. Wall Street Zen lowered Novanta from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Robert W. Baird reduced their target price on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research note on Monday, August 11th.

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.