Novanta Inc. (NASDAQ:NOVT) Shares Sold by Invesco Ltd.

Invesco Ltd. trimmed its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 88.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 58,039 shares of the technology company's stock after selling 458,621 shares during the period. Invesco Ltd. owned about 0.16% of Novanta worth $8,867,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Empowered Funds LLC purchased a new position in Novanta in the fourth quarter valued at approximately $26,000. Huntington National Bank increased its stake in Novanta by 53.6% in the fourth quarter. Huntington National Bank now owns 430 shares of the technology company's stock valued at $66,000 after purchasing an additional 150 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Novanta in the fourth quarter valued at approximately $97,000. Venturi Wealth Management LLC increased its stake in Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after purchasing an additional 715 shares during the last quarter. Finally, KBC Group NV increased its stake in Novanta by 41.6% in the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company's stock valued at $229,000 after purchasing an additional 441 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Stock Performance

Shares of NOVT traded down $1.24 during mid-day trading on Tuesday, reaching $117.31. 21,017 shares of the company's stock were exchanged, compared to its average volume of 197,089. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The stock has a market capitalization of $4.22 billion, a PE ratio of 70.02 and a beta of 1.42. The business's fifty day simple moving average is $127.90 and its 200-day simple moving average is $149.13. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same period last year, the company earned $0.63 earnings per share. The company's revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Ratings Changes

Separately, Robert W. Baird lowered their target price 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.

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.