PNC Financial Services Group Inc. Sells 351 Shares of Novanta Inc. (NASDAQ:NOVT)

PNC Financial Services Group Inc. lowered its stake in Novanta Inc. (NASDAQ:NOVT) by 10.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,932 shares of the technology company’s stock after selling 351 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Novanta were worth $375,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC raised its stake in shares of 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 during the period. Johnson Financial Group Inc. raised its stake in shares of Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after buying an additional 270 shares during the period. GAMMA Investing LLC raised its stake in shares of Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company’s stock worth $51,000 after buying an additional 238 shares during the period. CWM LLC raised its stake in shares of Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company’s stock worth $52,000 after buying an additional 310 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Novanta by 80.0% in the first quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock worth $53,000 after buying an additional 184 shares during the period. Institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on NOVT shares. Wall Street Zen downgraded Novanta from a “buy” rating to a “hold” rating in a research note on Monday. Robert W. Baird decreased their target price on Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a research note on Monday.

Novanta Stock Down 5.4%

Shares of NOVT opened at $118.17 on Friday. The business’s 50 day moving average is $124.99 and its 200 day moving average is $128.38. The company has a market capitalization of $4.25 billion, a PE ratio of 69.51 and a beta of 1.48. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $186.75. 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 issued its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.02. The company had revenue of $241.05 million for the quarter, compared to the consensus estimate of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.73 EPS. Research analysts expect that Novanta Inc. will post 3.03 earnings per share 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.