Novanta (NASDAQ:NOVT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.
According to Zacks, “Novanta Inc. designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical equipment and advanced industrial technology markets. Novanta Inc., formerly known as GSI Group Inc., is based in Bedford, Massachusetts. “
Several other brokerages also recently issued reports on NOVT. BidaskClub upgraded shares of Novanta from a “hold” rating to a “buy” rating in a research note on Thursday, February 22nd. William Blair started coverage on shares of Novanta in a research note on Tuesday, February 27th. They issued an “outperform” rating on the stock. Finally, Robert W. Baird started coverage on shares of Novanta in a research note on Thursday, December 7th. They issued an “outperform” rating and a $54.00 price objective on the stock.
Shares of NOVT stock opened at $51.05 on Friday. Novanta has a 12 month low of $26.00 and a 12 month high of $60.30. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.00 and a current ratio of 2.93. The company has a market cap of $1,766.18, a price-to-earnings ratio of 31.91 and a beta of 1.47.
Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.03. The business had revenue of $146.92 million for the quarter, compared to the consensus estimate of $146.35 million. Novanta had a net margin of 9.80% and a return on equity of 18.52%. Novanta’s quarterly revenue was up 48.6% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share. sell-side analysts anticipate that Novanta will post 1.92 earnings per share for the current fiscal year.
In other news, CFO Robert Buckley sold 8,764 shares of the firm’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $56.83, for a total value of $498,058.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 26,394 shares of company stock worth $1,480,917. 8.30% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in NOVT. Prudential Financial Inc. acquired a new stake in shares of Novanta in the third quarter worth $269,000. Principal Financial Group Inc. acquired a new stake in Novanta during the third quarter worth $294,000. New York State Common Retirement Fund boosted its stake in Novanta by 112.8% during the third quarter. New York State Common Retirement Fund now owns 121,474 shares of the technology company’s stock worth $5,296,000 after buying an additional 64,377 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Novanta by 2.8% during the third quarter. Bank of New York Mellon Corp now owns 526,149 shares of the technology company’s stock worth $22,940,000 after buying an additional 14,179 shares in the last quarter. Finally, American International Group Inc. boosted its stake in Novanta by 8.1% during the third quarter. American International Group Inc. now owns 21,478 shares of the technology company’s stock worth $936,000 after buying an additional 1,606 shares in the last quarter. Institutional investors and hedge funds own 82.66% of the company’s stock.
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Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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