Van ECK Associates Corp Trims Holdings in Novanta Inc. (NASDAQ:NOVT)

Van ECK Associates Corp trimmed its position in shares of Novanta Inc. (NASDAQ:NOVT) by 32.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 649 shares of the technology company’s stock after selling 314 shares during the quarter. Van ECK Associates Corp’s holdings in Novanta were worth $99,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NOVT. Empowered Funds LLC purchased a new stake in Novanta during the 4th quarter valued at about $26,000. GHP Investment Advisors Inc. purchased a new stake in Novanta during the 3rd quarter valued at about $49,000. KBC Group NV grew its position in Novanta by 14.9% during the 3rd quarter. KBC Group NV now owns 1,059 shares of the technology company’s stock valued at $189,000 after purchasing an additional 137 shares during the last quarter. Associated Banc Corp purchased a new stake in Novanta during the 3rd quarter valued at about $209,000. Finally, Hardy Reed LLC purchased a new stake in Novanta during the 3rd quarter valued at about $211,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Performance

Shares of NASDAQ NOVT opened at $140.51 on Monday. The firm’s 50-day moving average price is $150.14 and its 200-day moving average price is $165.22. 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 company has a market cap of $5.05 billion, a PE ratio of 84.14 and a beta of 1.28. Novanta Inc. has a 52-week low of $139.78 and a 52-week high of $187.12.

Analyst Ratings Changes

Separately, Robert W. Baird dropped their price target on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th.

About Novanta

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.