KLP Kapitalforvaltning AS Takes $1.13 Million Position in Novanta Inc. (NASDAQ:NOVT)

KLP Kapitalforvaltning AS bought a new stake in Novanta Inc. (NASDAQ:NOVT) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 7,400 shares of the technology company’s stock, valued at approximately $1,130,000.

Several other institutional investors also recently bought and sold shares of NOVT. Empowered Funds LLC purchased a new position in Novanta in the 4th quarter worth approximately $26,000. SBI Securities Co. Ltd. bought a new position in shares of Novanta in the fourth quarter worth approximately $97,000. Venturi Wealth Management LLC increased its stake in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after buying an additional 715 shares during the period. KBC Group NV raised its holdings in Novanta by 41.6% during the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after buying an additional 441 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in Novanta during the 3rd quarter valued at $232,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Novanta Trading Down 2.6 %

NASDAQ NOVT opened at $129.08 on Monday. The stock has a market cap of $4.64 billion, a P/E ratio of 77.29 and a beta of 1.34. Novanta Inc. has a fifty-two week low of $128.16 and a fifty-two week high of $187.12. The stock has a 50 day simple moving average of $142.91 and a two-hundred day simple moving average of $158.53. 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 (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $238.10 million for the quarter, compared to analysts’ expectations of $240.29 million. During the same quarter in the previous year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta 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.