24,836 Shares in Novanta Inc. (NASDAQ:NOVT) Bought by Wealth High Governance Capital Ltda

Wealth High Governance Capital Ltda bought a new position in Novanta Inc. (NASDAQ:NOVT) in the 4th quarter, HoldingsChannel.com reports. The firm bought 24,836 shares of the technology company’s stock, valued at approximately $3,794,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arizona State Retirement System lifted its holdings in shares of Novanta by 0.7% during the fourth quarter. Arizona State Retirement System now owns 10,412 shares of the technology company’s stock valued at $1,591,000 after acquiring an additional 76 shares during the period. KBC Group NV lifted its holdings 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 valued at $189,000 after acquiring an additional 137 shares during the period. Nicolet Advisory Services LLC lifted its holdings in shares of Novanta by 5.9% during the third quarter. Nicolet Advisory Services LLC now owns 2,502 shares of the technology company’s stock valued at $430,000 after acquiring an additional 139 shares during the period. M&T Bank Corp lifted its holdings in shares of Novanta by 4.5% during the third quarter. M&T Bank Corp now owns 3,619 shares of the technology company’s stock valued at $647,000 after acquiring an additional 155 shares during the period. Finally, Empowered Funds LLC bought a new position in shares of Novanta during the fourth quarter valued at $26,000. 98.35% of the stock is owned by institutional investors.

Novanta Stock Performance

Novanta stock opened at $136.54 on Wednesday. The stock has a 50-day simple moving average of $146.79 and a 200 day simple moving average of $162.27. 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 12-month low of $136.02 and a 12-month high of $187.12. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of 81.76 and a beta of 1.34.

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

Wall Street Analyst Weigh In

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

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.