Campbell & CO Investment Adviser LLC Acquires New Stake in Novanta Inc (NASDAQ:NOVT)

Campbell & CO Investment Adviser LLC acquired a new stake in shares of Novanta Inc (NASDAQ:NOVT) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,380 shares of the technology company’s stock, valued at approximately $286,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Novanta in the 4th quarter worth about $15,912,000. Redwood Investments LLC purchased a new position in Novanta in the 1st quarter worth about $20,530,000. BlackRock Inc. increased its stake in Novanta by 3.7% in the 4th quarter. BlackRock Inc. now owns 2,273,355 shares of the technology company’s stock worth $143,221,000 after buying an additional 82,008 shares during the period. Stifel Financial Corp increased its stake in Novanta by 38.9% in the 4th quarter. Stifel Financial Corp now owns 290,693 shares of the technology company’s stock worth $18,313,000 after buying an additional 81,433 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its stake in Novanta by 1,881.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 50,637 shares of the technology company’s stock worth $3,190,000 after buying an additional 53,479 shares during the period. 87.13% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ NOVT traded down $1.67 on Monday, hitting $92.63. The company had a trading volume of 151,300 shares, compared to its average volume of 149,814. The stock has a market capitalization of $3.30 billion, a P/E ratio of 42.88 and a beta of 1.53. The company’s fifty day moving average price is $84.30. The company has a quick ratio of 1.78, a current ratio of 2.83 and a debt-to-equity ratio of 0.61. Novanta Inc has a 12-month low of $55.68 and a 12-month high of $96.31.

Novanta (NASDAQ:NOVT) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $155.85 million. During the same quarter in the previous year, the company posted $0.47 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities research analysts predict that Novanta Inc will post 2.41 EPS for the current fiscal year.

Several research analysts have issued reports on the stock. BidaskClub upgraded shares of Novanta from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 30th. Zacks Investment Research raised shares of Novanta from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a report on Saturday, May 11th.

About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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