Truist Financial Corp Has $524,000 Stock Position in Novanta Inc. (NASDAQ:NOVT)

Truist Financial Corp reduced its position in shares of Novanta Inc. (NASDAQ:NOVT) by 8.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 3,432 shares of the technology company’s stock after selling 308 shares during the period. Truist Financial Corp’s holdings in Novanta were worth $524,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. KBC Group NV raised its stake in shares of Novanta by 14.9% in the third quarter. KBC Group NV now owns 1,059 shares of the technology company’s stock worth $189,000 after purchasing an additional 137 shares during the last quarter. Nicolet Advisory Services LLC raised its stake in shares of Novanta by 5.9% in the third quarter. Nicolet Advisory Services LLC now owns 2,502 shares of the technology company’s stock worth $430,000 after purchasing an additional 139 shares during the last quarter. M&T Bank Corp raised its stake in shares of Novanta by 4.5% in the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock worth $647,000 after purchasing an additional 155 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Novanta in the fourth quarter worth approximately $26,000. Finally, Van ECK Associates Corp increased its position in shares of Novanta by 28.4% during the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock valued at $166,000 after acquiring an additional 213 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Novanta Stock Performance

Shares of NOVT opened at $143.37 on Tuesday. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 85.85 and a beta of 1.28. The stock has a 50 day moving average of $148.44 and a 200 day moving average of $163.96. Novanta Inc. has a 12 month low of $137.91 and a 12 month high of $187.12.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $238.10 million during 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%. Novanta’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the business posted $0.63 earnings per share. As a group, sell-side analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current 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.