Kornitzer Capital Management Inc. KS Makes New Investment in Novanta Inc. (NASDAQ:NOVT)

Kornitzer Capital Management Inc. KS bought a new position in Novanta Inc. (NASDAQ:NOVT) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 33,415 shares of the technology company’s stock, valued at approximately $5,105,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Venturi Wealth Management LLC increased its holdings in shares of 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 purchasing an additional 715 shares in the last quarter. Values First Advisors Inc. increased its holdings in shares of Novanta by 34.6% in the 4th quarter. Values First Advisors Inc. now owns 1,660 shares of the technology company’s stock worth $254,000 after purchasing an additional 427 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock worth $119,757,000 after acquiring an additional 58,631 shares during the period. WCM Investment Management LLC purchased a new stake in Novanta during the fourth quarter valued at $15,104,000. Finally, Entropy Technologies LP bought a new position in Novanta in the fourth quarter valued at about $284,000. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of NASDAQ NOVT opened at $143.99 on Wednesday. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12-month low of $140.53 and a 12-month high of $187.12. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of 86.22 and a beta of 1.28. The firm has a 50 day moving average of $152.01 and a 200 day moving average of $165.82.

Wall Street Analyst Weigh In

Separately, Robert W. Baird cut their price target on Novanta from $175.00 to $169.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th.

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.