Truist Financial Corp Has $524,000 Stock Position in Novanta Inc. (NASDAQ:NOVT)

Truist Financial Corp lowered its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 8.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,432 shares of the technology company’s stock after selling 308 shares during the period. Truist Financial Corp’s holdings in Novanta were worth $524,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of NOVT. State of Alaska Department of Revenue grew its position in Novanta by 7.2% during the 3rd quarter. State of Alaska Department of Revenue now owns 4,151 shares of the technology company’s stock worth $742,000 after acquiring an additional 280 shares during the last quarter. US Bancorp DE grew its position in shares of Novanta by 12.7% in the 3rd quarter. US Bancorp DE now owns 5,324 shares of the technology company’s stock valued at $953,000 after buying an additional 601 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Novanta by 28.4% in the 3rd quarter. Van ECK Associates Corp now owns 963 shares of the technology company’s stock valued at $166,000 after buying an additional 213 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Novanta by 13.1% in the 3rd quarter. Victory Capital Management Inc. now owns 8,512 shares of the technology company’s stock valued at $1,523,000 after buying an additional 986 shares during the last quarter. Finally, Geneva Capital Management LLC grew its position in shares of Novanta by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company’s stock valued at $139,566,000 after buying an additional 8,574 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Trading Down 0.9 %

NASDAQ NOVT opened at $143.37 on Tuesday. The business’s 50-day moving average price is $148.44 and its two-hundred day moving average price is $163.96. Novanta Inc. has a 12 month low of $137.91 and a 12 month high of $187.12. The firm has a market capitalization of $5.16 billion, a PE ratio of 85.85 and a beta of 1.28. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. During the same quarter in the prior year, the company earned $0.63 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.