67,200 Novanta Inc. $NOVT Shares Sold by Mawer Investment Management Ltd.

Mawer Investment Management Ltd. lowered its holdings in Novanta Inc. (NASDAQ:NOVT) by 11.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 522,373 shares of the technology company’s stock after selling 67,200 shares during the period. Mawer Investment Management Ltd. owned approximately 1.38% of Novanta worth $74,276,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. State Street Corp raised its position in shares of Novanta by 7.3% in the second quarter. State Street Corp now owns 1,436,785 shares of the technology company’s stock valued at $233,005,000 after buying an additional 97,621 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Novanta by 615.8% in the second quarter. Tidal Investments LLC now owns 34,631 shares of the technology company’s stock valued at $5,619,000 after buying an additional 29,793 shares during the period. Bank of America Corp DE grew its position in Novanta by 18.3% during the first quarter. Bank of America Corp DE now owns 456,241 shares of the technology company’s stock worth $53,887,000 after buying an additional 70,728 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Novanta during the second quarter worth approximately $5,797,000. Finally, Congress Asset Management Co. grew its position in Novanta by 0.6% during the third quarter. Congress Asset Management Co. now owns 979,842 shares of the technology company’s stock worth $139,324,000 after buying an additional 6,075 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company’s stock.

Novanta Price Performance

Shares of Novanta stock traded up $1.46 on Friday, reaching $118.88. 606,606 shares of the stock were exchanged, compared to its average volume of 505,197. The firm’s 50 day moving average is $140.29 and its 200-day moving average is $142.25. Novanta Inc. has a one year low of $98.27 and a one year high of $176.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.79 and a current ratio of 1.18. The firm has a market cap of $4.50 billion, a PE ratio of 90.75, a P/E/G ratio of 2.55 and a beta of 1.71.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Monday, November 9th. The technology company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.08. The business had revenue of $305.01 million for the quarter, compared to analyst estimates of $301.02 million. Novanta had a net margin of 4.89% and a return on equity of 10.23%. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter last year, the business posted $0.87 EPS. As a group, analysts anticipate that Novanta Inc. will post 3.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on NOVT shares. Zacks Research cut Novanta from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 6th. Robert W. Baird reduced their target price on Novanta from $194.00 to $175.00 and set an “outperform” rating on the stock in a report on Thursday. Wall Street Zen lowered Novanta from a “buy” rating to a “hold” rating in a report on Sunday. Finally, Weiss Ratings cut Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Novanta currently has an average rating of “Hold” and a consensus target price of $175.00.

About Novanta

Novanta develops and manufactures precision technologies used in medical and advanced industrial applications. Its products include photonics and laser components, precision motion-control systems, machine-vision technologies, and related equipment and software. The company’s technologies are used in areas such as medical and surgical systems, life sciences, robotics, and industrial automation. Novanta serves customers internationally, with operations and customers across North America, Europe, and Asia.