Corebridge Financial Inc. Sells 3,142 Shares of Novanta Inc. (NASDAQ:NOVT)

Corebridge Financial Inc. decreased its position in shares of Novanta Inc. (NASDAQ:NOVT) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,234 shares of the technology company’s stock after selling 3,142 shares during the period. Corebridge Financial Inc.’s holdings in Novanta were worth $8,896,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Summit Creek Advisors LLC acquired a new stake in Novanta during the 4th quarter valued at $7,099,000. Vanguard Group Inc. grew its holdings in shares of Novanta by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,123,828 shares of the technology company’s stock worth $629,997,000 after purchasing an additional 62,585 shares during the last quarter. LPL Financial LLC increased its stake in shares of Novanta by 19.6% in the fourth quarter. LPL Financial LLC now owns 21,537 shares of the technology company’s stock valued at $3,246,000 after buying an additional 3,528 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Novanta in the fourth quarter valued at about $1,130,000. Finally, Sei Investments Co. lifted its position in Novanta by 2.2% during the 4th quarter. Sei Investments Co. now owns 255,641 shares of the technology company’s stock worth $39,054,000 after buying an additional 5,407 shares in the last quarter. Institutional investors own 98.35% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Novanta Stock Performance

NOVT stock opened at $132.53 on Friday. The company has a 50 day moving average price of $143.32 and a 200 day moving average price of $158.93. Novanta Inc. has a fifty-two week low of $131.03 and a fifty-two week high of $187.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The stock has a market capitalization of $4.77 billion, a PE ratio of 79.36 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The company 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 firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.63 earnings per share. Analysts forecast that Novanta Inc. will post 3.03 EPS for the current 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.