Invesco Ltd. Reduces Stock Position in Novanta Inc. (NASDAQ:NOVT)

Invesco Ltd. trimmed its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 88.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 58,039 shares of the technology company’s stock after selling 458,621 shares during the period. Invesco Ltd. owned approximately 0.16% of Novanta worth $8,867,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC bought a new position in shares of Novanta during the 4th quarter valued at $26,000. Huntington National Bank lifted its holdings 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 acquiring an additional 150 shares during the period. SBI Securities Co. Ltd. purchased a new position in Novanta in the fourth quarter worth about $97,000. Venturi Wealth Management LLC grew its stake in shares of Novanta by 6,500.0% during the 4th 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 period. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Novanta during the 3rd quarter valued at about $232,000. Institutional investors own 98.35% of the company’s stock.

Novanta Trading Up 2.2 %

NASDAQ:NOVT opened at $115.34 on Thursday. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 69.07 and a beta of 1.42. 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 business has a fifty day moving average price of $129.37 and a 200-day moving average price of $150.60. Novanta Inc. has a one year low of $98.76 and a one year high of $187.12.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.71 by $0.05. The firm had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.63 earnings per share. Sell-side analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird cut their target price on shares of Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd.

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.