Novanta Inc. (NASDAQ:NOVT) Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 220.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,969 shares of the technology company’s stock after buying an additional 4,107 shares during the period. Lazard Asset Management LLC’s holdings in Novanta were worth $911,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. KBC Group NV raised its stake 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 acquiring an additional 441 shares during the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Novanta by 4.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock valued at $18,419,000 after purchasing an additional 4,648 shares during the period. D. E. Shaw & Co. Inc. purchased a new stake in shares of Novanta during the fourth quarter worth approximately $3,681,000. Proficio Capital Partners LLC acquired a new stake in shares of Novanta during the fourth quarter worth $5,298,000. Finally, Zions Bancorporation N.A. lifted its holdings in shares of Novanta by 21.2% during the fourth quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company’s stock worth $2,171,000 after purchasing an additional 2,486 shares during the period. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Novanta Price Performance

Shares of NASDAQ:NOVT opened at $128.31 on Wednesday. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The company has a 50-day moving average price of $122.58 and a 200 day moving average price of $143.84. The company has a market cap of $4.62 billion, a P/E ratio of 76.83 and a beta of 1.51. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.06. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. During the same period in the previous year, the business earned $0.74 earnings per share. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

Analyst Ratings Changes

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

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.