Telemark Asset Management LLC Has $24.44 Million Holdings in Novanta Inc. (NASDAQ:NOVT)

Telemark Asset Management LLC lifted its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 60.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 160,000 shares of the technology company’s stock after buying an additional 60,000 shares during the period. Novanta comprises approximately 2.4% of Telemark Asset Management LLC’s investment portfolio, making the stock its 12th biggest position. Telemark Asset Management LLC’s holdings in Novanta were worth $24,443,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of NOVT. WCM Investment Management LLC acquired a new stake in Novanta in the fourth quarter valued at $15,104,000. Franklin Resources Inc. increased its holdings in Novanta by 61.6% in the third quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company’s stock valued at $37,916,000 after purchasing an additional 81,942 shares during the period. Geneva Capital Management LLC increased its holdings in Novanta by 9.3% in the fourth quarter. Geneva Capital Management LLC now owns 852,638 shares of the technology company’s stock valued at $130,257,000 after purchasing an additional 72,592 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock valued at $119,757,000 after purchasing an additional 58,631 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in Novanta in the fourth quarter valued at $8,654,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

Shares of Novanta stock opened at $134.97 on Thursday. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $146.43 and a two-hundred day moving average price of $162.07. Novanta Inc. has a 1-year low of $133.63 and a 1-year high of $187.12. The company has a market cap of $4.85 billion, a P/E ratio of 80.82 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last issued its quarterly 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. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same period last year, the business posted $0.63 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. As a group, analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird decreased 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.

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.