US Bancorp DE Trims Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

US Bancorp DE decreased its stake in Novanta Inc. (NASDAQ:NOVT) by 9.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,147 shares of the technology company’s stock after selling 436 shares during the quarter. US Bancorp DE’s holdings in Novanta were worth $530,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC increased its position in Novanta by 1,426.7% in the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company’s stock worth $29,000 after buying an additional 214 shares in the last quarter. Johnson Financial Group Inc. grew its position in shares of Novanta by 482.1% during the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after purchasing an additional 270 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Novanta by 146.0% during the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company’s stock worth $51,000 after purchasing an additional 238 shares in the last quarter. CWM LLC grew its position in shares of Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company’s stock worth $52,000 after purchasing an additional 310 shares in the last quarter. Finally, Signaturefd LLC grew its position in shares of Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock worth $53,000 after purchasing an additional 184 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on NOVT shares. Robert W. Baird cut their target price on Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a research report on Monday. Wall Street Zen cut Novanta from a “buy” rating to a “hold” rating in a research report on Monday.

Novanta Price Performance

Shares of Novanta stock opened at $113.14 on Tuesday. The stock has a 50 day moving average of $125.28 and a 200 day moving average of $128.65. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $186.75. The firm has a market cap of $4.07 billion, a PE ratio of 66.55 and a beta of 1.48. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%. The company had revenue of $241.05 million during the quarter, compared to analyst estimates of $237.97 million. During the same period in the prior year, the company earned $0.73 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. On average, research analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.