Ameriprise Financial Inc. Has $69.85 Million Stake in Novanta Inc. (NASDAQ:NOVT)

Ameriprise Financial Inc. lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 9.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 457,225 shares of the technology company’s stock after purchasing an additional 41,024 shares during the quarter. Ameriprise Financial Inc. owned 1.27% of Novanta worth $69,850,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of NOVT. Empowered Funds LLC bought a new position in Novanta in the fourth quarter valued at approximately $26,000. Johnson Financial Group Inc. lifted its position in Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company’s stock valued at $49,000 after acquiring an additional 270 shares in the last quarter. Huntington National Bank boosted its stake 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 period. SBI Securities Co. Ltd. bought a new position in Novanta during the 4th quarter worth about $97,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock valued at $111,000 after purchasing an additional 715 shares during the period. Institutional investors own 98.35% of the company’s stock.

Novanta Stock Performance

Shares of NASDAQ NOVT opened at $122.68 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 50 day moving average price of $123.66 and a 200 day moving average price of $146.02. The stock has a market capitalization of $4.41 billion, a PE ratio of 73.46 and a beta of 1.51. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.68 by $0.06. The company had revenue of $233.37 million during the quarter, compared to the consensus estimate of $233.34 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 EPS. Analysts predict that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Robert W. Baird reduced their price objective on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research 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.