Occudo Quantitative Strategies LP Buys Shares of 3,155 Novanta Inc. (NASDAQ:NOVT)

Occudo Quantitative Strategies LP bought a new stake in Novanta Inc. (NASDAQ:NOVT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,155 shares of the technology company’s stock, valued at approximately $482,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Millennium Management LLC raised its position in shares of Novanta by 2,714.7% in the fourth quarter. Millennium Management LLC now owns 88,297 shares of the technology company’s stock valued at $13,489,000 after purchasing an additional 85,160 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Novanta by 6.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,761 shares of the technology company’s stock valued at $5,608,000 after purchasing an additional 2,317 shares during the period. Lazard Asset Management LLC raised its position in shares of Novanta by 220.6% in the fourth quarter. Lazard Asset Management LLC now owns 5,969 shares of the technology company’s stock valued at $911,000 after purchasing an additional 4,107 shares during the period. Graham Capital Management L.P. bought a new position in shares of Novanta in the fourth quarter valued at approximately $269,000. Finally, Focus Partners Wealth bought a new position in shares of Novanta in the fourth quarter valued at approximately $538,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Stock Down 1.4%

NOVT opened at $129.59 on Friday. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.12. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.79 and a quick ratio of 1.81. The firm’s fifty day moving average price is $122.80 and its two-hundred day moving average price is $144.86. The company has a market capitalization of $4.66 billion, a P/E ratio of 77.60 and a beta of 1.51.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.68 by $0.06. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The company had revenue of $233.37 million for the quarter, compared to the consensus estimate of $233.34 million. During the same quarter in the previous year, the company earned $0.74 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

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

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.