Townsquare Capital LLC Has $2.08 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Townsquare Capital LLC cut its position in Novanta Inc. (NASDAQ:NOVT) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,611 shares of the technology company’s stock after selling 848 shares during the period. Townsquare Capital LLC’s holdings in Novanta were worth $2,079,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Novanta in the fourth quarter valued at approximately $7,901,000. Legal & General Group Plc lifted its holdings in shares of Novanta by 1.6% in the 4th quarter. Legal & General Group Plc now owns 146,776 shares of the technology company’s stock worth $22,423,000 after purchasing an additional 2,330 shares in the last quarter. Bank of Montreal Can grew its position in Novanta by 15.9% in the 4th quarter. Bank of Montreal Can now owns 3,725 shares of the technology company’s stock valued at $569,000 after purchasing an additional 511 shares during the period. Russell Investments Group Ltd. increased its stake in Novanta by 19.2% during the 4th quarter. Russell Investments Group Ltd. now owns 10,755 shares of the technology company’s stock valued at $1,643,000 after purchasing an additional 1,729 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Novanta by 0.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 63,667 shares of the technology company’s stock worth $9,726,000 after buying an additional 595 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Down 0.1 %

Shares of NASDAQ:NOVT opened at $114.02 on Thursday. The business’s 50 day moving average is $132.64 and its 200 day moving average is $152.73. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $187.12. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 68.28 and a beta of 1.42. 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 (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $238.10 million for the quarter, compared to the consensus estimate 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 previous year, the firm earned $0.63 EPS. On average, sell-side analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price target on shares of Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research 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.