Quantbot Technologies LP Acquires New Shares in Novanta Inc. (NASDAQ:NOVT)

Quantbot Technologies LP acquired a new stake in Novanta Inc. (NASDAQ:NOVT) in the 4th quarter, Holdings Channel reports. The firm acquired 14,295 shares of the technology company’s stock, valued at approximately $2,184,000.

Several other hedge funds have also recently bought and sold shares of NOVT. Victory Capital Management Inc. increased its stake in Novanta by 13.1% in the 3rd quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company’s stock valued at $1,523,000 after purchasing an additional 986 shares in the last quarter. Pathstone Holdings LLC increased its position in Novanta by 1.2% during the third quarter. Pathstone Holdings LLC now owns 25,827 shares of the technology company’s stock worth $4,621,000 after buying an additional 295 shares in the last quarter. Intech Investment Management LLC purchased a new position in Novanta during the third quarter worth $948,000. Charles Schwab Investment Management Inc. increased its position in Novanta by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock worth $78,616,000 after buying an additional 4,271 shares in the last quarter. Finally, Citigroup Inc. increased its position in Novanta by 179.9% during the third quarter. Citigroup Inc. now owns 34,003 shares of the technology company’s stock worth $6,084,000 after buying an additional 21,854 shares in the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Novanta Price Performance

Shares of NASDAQ:NOVT opened at $133.52 on Monday. The company has a market cap of $4.80 billion, a P/E ratio of 79.95 and a beta of 1.34. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 52 week low of $131.03 and a 52 week high of $187.12. The business has a fifty day simple moving average of $144.31 and a 200-day simple moving average of $159.75.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating 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 business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 earnings per share. Equities research analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Novanta 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.