Segall Bryant & Hamill LLC Has $8.94 Million Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Segall Bryant & Hamill LLC trimmed its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 39.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 58,528 shares of the technology company’s stock after selling 37,410 shares during the quarter. Segall Bryant & Hamill LLC’s holdings in Novanta were worth $8,941,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of NOVT. Intech Investment Management LLC bought a new stake in shares of Novanta in the third quarter valued at about $948,000. Charles Schwab Investment Management Inc. lifted its stake in Novanta by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock valued at $78,616,000 after acquiring an additional 4,271 shares in the last quarter. Citigroup Inc. boosted its position in Novanta by 179.9% during the 3rd quarter. Citigroup Inc. now owns 34,003 shares of the technology company’s stock worth $6,084,000 after acquiring an additional 21,854 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Novanta during the 3rd quarter worth approximately $366,000. Finally, Associated Banc Corp acquired a new stake in shares of Novanta in the third quarter valued at approximately $209,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Novanta Stock Performance

Shares of NASDAQ NOVT opened at $135.19 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The stock has a 50 day moving average price of $143.63 and a 200 day moving average price of $159.11. The stock has a market capitalization of $4.86 billion, a PE ratio of 80.95 and a beta of 1.34. Novanta Inc. has a 52 week low of $131.03 and a 52 week high of $187.12.

Novanta (NASDAQ:NOVT) last released its 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. The business had revenue of $238.10 million during the quarter, compared to analysts’ expectations of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm’s revenue was up 12.5% on a year-over-year basis. During the same period last year, the business earned $0.63 earnings per share. Analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

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.