Novanta Inc. (NASDAQ:NOVT) Stake Cut by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 34.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,121 shares of the technology company’s stock after selling 1,646 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Novanta were worth $477,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in NOVT. Empowered Funds LLC purchased a new position in Novanta during the fourth quarter valued at approximately $26,000. Huntington National Bank grew its holdings in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company’s stock valued at $66,000 after acquiring an additional 150 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Novanta in the fourth quarter worth $97,000. Venturi Wealth Management LLC increased its stake 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 acquiring an additional 715 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Novanta by 41.6% during the fourth quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock worth $229,000 after acquiring an additional 441 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Price Performance

NASDAQ NOVT opened at $117.71 on Wednesday. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $4.23 billion, a PE ratio of 70.49 and a beta of 1.42. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $187.12. The company has a 50 day moving average price of $127.39 and a two-hundred day moving average price of $148.91.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. Novanta’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 EPS. As a group, equities analysts predict 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 target price on Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock 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.