Premier Fund Managers Ltd Has $193,000 Stock Holdings in Novanta Inc. (NASDAQ:NOVT)

Premier Fund Managers Ltd lowered its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 44.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,266 shares of the technology company’s stock after selling 1,023 shares during the period. Premier Fund Managers Ltd’s holdings in Novanta were worth $193,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in NOVT. Pictet Asset Management Holding SA increased its stake in Novanta by 1.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 127,604 shares of the technology company’s stock valued at $19,494,000 after purchasing an additional 1,662 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in Novanta in the 4th quarter valued at about $1,392,000. Norges Bank acquired a new position in Novanta during the 4th quarter worth approximately $48,442,000. Blair William & Co. IL boosted its holdings in Novanta by 2.4% in the fourth quarter. Blair William & Co. IL now owns 448,434 shares of the technology company’s stock worth $68,507,000 after acquiring an additional 10,459 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Novanta by 1.0% in the fourth quarter. JPMorgan Chase & Co. now owns 657,137 shares of the technology company’s stock valued at $100,391,000 after acquiring an additional 6,525 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Novanta Stock Down 2.6 %

Novanta stock opened at $129.08 on Friday. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of 77.29 and a beta of 1.34. The firm’s fifty day moving average price is $142.91 and its two-hundred day moving average price is $158.66. Novanta Inc. has a 1-year low of $128.16 and a 1-year high of $187.12. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last announced 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. The business had revenue of $238.10 million for 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 for the quarter was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 EPS. On average, equities research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

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.