Pinebridge Investments L.P. Grows Stake in Novanta Inc. (NASDAQ:NOVT)

Pinebridge Investments L.P. boosted its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 42.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,354 shares of the technology company's stock after acquiring an additional 4,293 shares during the period. Pinebridge Investments L.P.'s holdings in Novanta were worth $2,193,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in NOVT. Norges Bank bought a new stake in shares of Novanta during the 4th quarter valued at $48,442,000. WCM Investment Management LLC purchased a new position in shares of Novanta in the fourth quarter valued at about $15,104,000. Schroder Investment Management Group boosted its stake 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 acquiring an additional 93,511 shares during the period. Franklin Resources Inc. grew its position in shares of Novanta by 61.6% during the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company's stock worth $37,916,000 after purchasing an additional 81,942 shares in the last quarter. Finally, Geneva Capital Management LLC boosted 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 purchasing an additional 72,592 shares during the period. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Price Performance

Shares of NASDAQ NOVT traded up $1.93 during mid-day trading on Thursday, hitting $120.79. 194,266 shares of the company's stock traded hands, compared to its average volume of 198,681. The company has a market capitalization of $4.34 billion, a P/E ratio of 72.33 and a beta of 1.42. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. 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 company's 50-day moving average is $126.96 and its two-hundred day moving average is $148.70.

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

Analyst Upgrades and Downgrades

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

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.