Graham Capital Management L.P. Takes $269,000 Position in Novanta Inc. (NASDAQ:NOVT)

Graham Capital Management L.P. purchased a new stake in shares of Novanta Inc. (NASDAQ:NOVT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,760 shares of the technology company’s stock, valued at approximately $269,000.

Several other institutional investors have also made changes to their positions in the company. Empowered Funds LLC acquired a new stake in Novanta in the 4th quarter worth approximately $26,000. Johnson Financial Group Inc. lifted its holdings in Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock worth $49,000 after purchasing an additional 270 shares during the last quarter. Huntington National Bank lifted its holdings in Novanta by 53.6% in the 4th quarter. Huntington National Bank now owns 430 shares of the technology company’s stock worth $66,000 after purchasing an additional 150 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Novanta in the 4th quarter worth approximately $97,000. Finally, Venturi Wealth Management LLC lifted its holdings in 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 during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Up 1.2%

NOVT opened at $131.17 on Friday. The business has a 50 day moving average price of $122.70 and a 200 day moving average price of $144.34. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $187.12. 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 firm has a market cap of $4.72 billion, a P/E ratio of 78.55 and a beta of 1.51.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.06. The firm had revenue of $233.37 million during the quarter, compared to analyst estimates of $233.34 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 EPS. Research analysts forecast that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Ratings Changes

Separately, Robert W. Baird reduced their target price on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a report on Monday, March 3rd.

Novanta Company 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.