Rhumbline Advisers Decreases Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Rhumbline Advisers decreased its position in shares of Novanta Inc. (NASDAQ:NOVT) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 109,288 shares of the technology company’s stock after selling 278 shares during the period. Rhumbline Advisers’ holdings in Novanta were worth $16,696,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in NOVT. Values First Advisors Inc. grew its holdings in shares of Novanta by 34.6% during the fourth quarter. Values First Advisors Inc. now owns 1,660 shares of the technology company’s stock valued at $254,000 after buying an additional 427 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock worth $119,757,000 after purchasing an additional 58,631 shares during the last quarter. WCM Investment Management LLC acquired a new position in Novanta in the 4th quarter worth approximately $15,104,000. Entropy Technologies LP acquired a new position in Novanta in the 4th quarter worth approximately $284,000. Finally, Empowered Funds LLC acquired a new position in Novanta in the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird cut their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th.

Novanta Stock Down 1.6 %

NOVT opened at $140.51 on Friday. The company has a fifty day moving average of $150.65 and a two-hundred day moving average of $165.38. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. Novanta Inc. has a fifty-two week low of $139.78 and a fifty-two week high of $187.12. The stock has a market capitalization of $5.05 billion, a price-to-earnings ratio of 84.14 and a beta of 1.28.

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.