US Bancorp DE Has $700,000 Position in Novanta Inc. (NASDAQ:NOVT)

US Bancorp DE reduced its holdings in Novanta Inc. (NASDAQ:NOVT) by 13.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,583 shares of the technology company’s stock after selling 741 shares during the period. US Bancorp DE’s holdings in Novanta were worth $700,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. State Street Corp raised its position in Novanta by 2.0% in the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company’s stock valued at $232,313,000 after purchasing an additional 24,929 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Novanta by 8.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company’s stock worth $119,757,000 after buying an additional 58,631 shares in the last quarter. Geneva Capital Management LLC increased its holdings in Novanta by 1.1% during the third quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company’s stock worth $139,566,000 after buying an additional 8,574 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Novanta by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company’s stock worth $78,616,000 after buying an additional 4,271 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in shares of Novanta by 2.1% in the third quarter. Loomis Sayles & Co. L P now owns 289,473 shares of the technology company’s stock valued at $51,792,000 after purchasing an additional 6,019 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Analysts Set New Price Targets

Separately, Robert W. Baird decreased their price target on shares of Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd.

Novanta Price Performance

Shares of NOVT stock opened at $140.75 on Tuesday. The business has a fifty day simple moving average of $147.12 and a 200 day simple moving average of $162.60. The company has a market cap of $5.06 billion, a P/E ratio of 84.28 and a beta of 1.34. Novanta Inc. has a twelve month low of $136.02 and a twelve month high of $187.12. 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 released its quarterly earnings results 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. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The firm had revenue of $238.10 million during the quarter, compared to the consensus estimate of $240.29 million. During the same quarter last year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, sell-side analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.