Norden Group LLC Cuts Stake in Novanta Inc. (NASDAQ:NOVT)

Norden Group LLC cut its stake in Novanta Inc. (NASDAQ:NOVT) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,892 shares of the technology company’s stock after selling 184 shares during the quarter. Norden Group LLC’s holdings in Novanta were worth $442,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Empowered Funds LLC purchased a new stake in shares of Novanta during the fourth quarter worth about $26,000. Venturi Wealth Management LLC increased its position in shares of Novanta by 6,500.0% during the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after acquiring an additional 715 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Novanta by 28.4% during the third quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock worth $166,000 after acquiring an additional 213 shares during the last quarter. KBC Group NV increased its position in shares of Novanta by 14.9% during the third quarter. KBC Group NV now owns 1,059 shares of the technology company’s stock worth $189,000 after acquiring an additional 137 shares during the last quarter. Finally, Associated Banc Corp purchased a new stake in shares of Novanta during the third quarter worth about $209,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Robert W. Baird dropped 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.

Novanta Stock Down 0.9 %

NASDAQ:NOVT opened at $143.37 on Tuesday. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 85.85 and a beta of 1.28. Novanta Inc. has a one year low of $137.91 and a one year high of $187.12. The stock has a 50-day simple moving average of $148.44 and a 200 day simple moving average of $163.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period last year, the firm earned $0.63 earnings per share. Sell-side analysts predict that Novanta Inc. will post 3.03 EPS 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.