Axiom Investors LLC DE Decreases Stock Position in Novanta Inc. (NASDAQ:NOVT)

Axiom Investors LLC DE lessened its position in shares of Novanta Inc. (NASDAQ:NOVT) by 22.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 62,432 shares of the technology company’s stock after selling 18,081 shares during the quarter. Axiom Investors LLC DE’s holdings in Novanta were worth $9,538,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in NOVT. Empowered Funds LLC purchased a new stake in Novanta during the fourth quarter valued at about $26,000. SBI Securities Co. Ltd. purchased a new stake in shares of Novanta during the 4th quarter valued at approximately $97,000. Venturi Wealth Management LLC boosted its holdings in Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after buying an additional 715 shares during the period. KBC Group NV grew its stake in Novanta by 41.6% in the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after buying an additional 441 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Novanta during the 3rd quarter valued at $232,000. Institutional investors own 98.35% of the company’s stock.

Novanta Trading Down 2.6 %

Shares of NOVT opened at $129.08 on Monday. The business’s 50-day moving average price is $142.91 and its 200-day moving average price is $158.53. 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 twelve month low of $128.16 and a twelve month high of $187.12. The stock has a market cap of $4.64 billion, a PE ratio of 77.29 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping 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 business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. On average, equities analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird reduced 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 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.