Bank of Montreal Can Purchases 511 Shares of Novanta Inc. (NASDAQ:NOVT)

Bank of Montreal Can increased its position in Novanta Inc. (NASDAQ:NOVT) by 15.9% in the 4th quarter, HoldingsChannel reports. The fund owned 3,725 shares of the technology company’s stock after purchasing an additional 511 shares during the period. Bank of Montreal Can’s holdings in Novanta were worth $569,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new stake in shares of Novanta in the third quarter valued at approximately $232,000. KBC Group NV grew its stake in Novanta by 41.6% in the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company’s stock valued at $229,000 after buying an additional 441 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Novanta by 4.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 120,566 shares of the technology company’s stock valued at $18,419,000 after acquiring an additional 4,648 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Novanta during the fourth quarter worth $5,298,000. Finally, Zions Bancorporation N.A. boosted its holdings in shares of Novanta by 21.2% in the fourth quarter. Zions Bancorporation N.A. now owns 14,211 shares of the technology company’s stock worth $2,171,000 after acquiring an additional 2,486 shares during the period. 98.35% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Novanta Price Performance

NOVT stock opened at $114.58 on Monday. The firm has a 50 day moving average of $131.34 and a 200-day moving average of $151.56. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $4.12 billion, a P/E ratio of 68.61 and a beta of 1.42. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $187.12.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $238.10 million during the quarter, compared to analyst estimates of $240.29 million. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 EPS. As a group, sell-side analysts predict that Novanta Inc. will post 3.03 earnings per share 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.