Occudo Quantitative Strategies LP Makes New $482,000 Investment in Novanta Inc. (NASDAQ:NOVT)

Occudo Quantitative Strategies LP bought a new position in Novanta Inc. (NASDAQ:NOVT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,155 shares of the technology company’s stock, valued at approximately $482,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC acquired a new position in shares of Novanta in the fourth quarter worth about $26,000. Johnson Financial Group Inc. boosted its holdings in shares of Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after buying an additional 270 shares during the period. Huntington National Bank boosted its holdings in shares of Novanta by 53.6% in the fourth quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after buying an additional 150 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Novanta in the fourth quarter worth about $97,000. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Novanta by 6,500.0% in the fourth 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. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Performance

NOVT stock opened at $129.59 on Friday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The stock has a market cap of $4.66 billion, a P/E ratio of 77.60 and a beta of 1.51. The firm has a 50 day simple moving average of $122.80 and a 200 day simple moving average of $144.86. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.68 by $0.06. The business had revenue of $233.37 million during the quarter, compared to analysts’ expectations of $233.34 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $0.74 earnings per share. 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 decreased their price target on shares of 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.