MetLife Investment Management LLC Acquires 3,081 Shares of Novanta Inc. (NASDAQ:NOVT)

MetLife Investment Management LLC increased its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 8.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,301 shares of the technology company's stock after acquiring an additional 3,081 shares during the quarter. MetLife Investment Management LLC owned 0.11% of Novanta worth $6,310,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NOVT. Vanguard Group Inc. grew its position in Novanta by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company's stock worth $629,997,000 after purchasing an additional 62,585 shares in the last quarter. Alliancebernstein L.P. raised its position in Novanta by 6.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,004,879 shares of the technology company's stock valued at $153,515,000 after buying an additional 58,864 shares during the period. William Blair Investment Management LLC raised its position in Novanta by 1.2% during the fourth quarter. William Blair Investment Management LLC now owns 975,841 shares of the technology company's stock valued at $149,079,000 after buying an additional 11,361 shares during the period. Geneva Capital Management LLC lifted its stake in Novanta by 9.3% in the 4th quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company's stock worth $130,257,000 after acquiring an additional 72,592 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Novanta by 8.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock worth $119,757,000 after acquiring an additional 58,631 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their target price on Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd.

Novanta Stock Down 0.6 %

NOVT stock traded down $0.70 during midday trading on Monday, reaching $119.04. The company had a trading volume of 63,004 shares, compared to its average volume of 281,929. The company has a 50 day moving average of $128.43 and a two-hundred day moving average of $149.53. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The company has a market capitalization of $4.28 billion, a P/E ratio of 71.40 and a beta of 1.42.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $240.29 million. During the same quarter last year, the firm earned $0.63 earnings per share. The business'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 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.