Novanta Inc. (NASDAQ:NOVT) Shares Bought by Norden Group LLC

Norden Group LLC lifted its position in shares of Novanta Inc. (NASDAQ:NOVT) by 6.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,079 shares of the technology company’s stock after purchasing an additional 187 shares during the quarter. Norden Group LLC’s holdings in Novanta were worth $394,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NOVT. Norges Bank acquired a new stake in shares of Novanta during the 4th quarter worth approximately $48,442,000. T. Rowe Price Investment Management Inc. grew its stake in Novanta by 69.9% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company’s stock valued at $103,910,000 after acquiring an additional 279,793 shares during the period. Schroder Investment Management Group grew its stake in Novanta by 52.5% in the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company’s stock valued at $41,359,000 after acquiring an additional 93,511 shares during the period. Millennium Management LLC grew its stake in Novanta by 2,714.7% in the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company’s stock valued at $13,489,000 after acquiring an additional 85,160 shares during the period. Finally, Northern Trust Corp grew its stake in Novanta by 14.0% in the 4th quarter. Northern Trust Corp now owns 487,688 shares of the technology company’s stock valued at $74,504,000 after acquiring an additional 59,986 shares during the period. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Price Performance

Novanta stock opened at $123.24 on Thursday. The company’s fifty day moving average price is $126.04 and its 200 day moving average price is $130.68. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $186.75. The stock has a market capitalization of $4.43 billion, a P/E ratio of 62.88 and a beta of 1.45. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data 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. The company had revenue of $233.37 million for the quarter, compared to analyst estimates of $233.34 million. Novanta had a return on equity of 15.06% and a net margin of 7.42%. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.74 EPS. As a group, equities research analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen cut shares of Novanta from a “buy” rating to a “hold” rating in a research note on Saturday, July 26th.

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.