Summitry LLC Buys 508 Shares of Novanta Inc. (NASDAQ:NOVT)

Summitry LLC grew its stake in Novanta Inc. (NASDAQ:NOVT) by 40.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,759 shares of the technology company’s stock after purchasing an additional 508 shares during the quarter. Summitry LLC’s holdings in Novanta were worth $269,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC bought a new position in Novanta in the fourth quarter worth about $26,000. SBI Securities Co. Ltd. purchased a new position in shares of Novanta during the 4th quarter worth approximately $97,000. Venturi Wealth Management LLC raised its position in shares of Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after acquiring an additional 715 shares in the last quarter. Associated Banc Corp purchased a new position in shares of Novanta in the 3rd quarter valued at approximately $209,000. Finally, Hardy Reed LLC purchased a new position in shares of Novanta in the 3rd quarter valued at approximately $211,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Down 0.5 %

Shares of Novanta stock opened at $136.82 on Wednesday. Novanta Inc. has a 1 year low of $131.03 and a 1 year high of $187.12. The firm has a market cap of $4.92 billion, a price-to-earnings ratio of 81.93 and a beta of 1.34. The company has a 50-day moving average of $143.90 and a 200 day moving average of $159.28. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $240.29 million. During the same quarter last year, the firm earned $0.63 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced their price target on Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd.

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.