BNP Paribas Financial Markets Has $1.40 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

BNP Paribas Financial Markets reduced its stake in Novanta Inc. (NASDAQ:NOVT) by 54.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,159 shares of the technology company’s stock after selling 10,895 shares during the quarter. BNP Paribas Financial Markets’ holdings in Novanta were worth $1,399,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in Novanta in the fourth quarter valued at approximately $26,000. Johnson Financial Group Inc. lifted its stake in Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock valued at $49,000 after buying an additional 270 shares during the period. Huntington National Bank lifted 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 buying an additional 150 shares during the period. SBI Securities Co. Ltd. acquired a new position in Novanta in the fourth quarter valued at approximately $97,000. Finally, Venturi Wealth Management LLC raised its position in shares of Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after purchasing an additional 715 shares during the period. 98.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Novanta Price Performance

Shares of NASDAQ:NOVT opened at $129.26 on Tuesday. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $187.12. The stock’s 50 day moving average is $122.58 and its 200-day moving average is $143.84. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of 77.40 and a beta of 1.51.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. During the same period in the prior year, the firm earned $0.74 earnings per share. Novanta’s revenue for the quarter was up 1.1% on a year-over-year basis. Sell-side analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.