Novanta Inc. (NASDAQ:NOVT) reached a new 52-week high and low during mid-day trading on Tuesday . The company traded as low as $61.15 and last traded at $60.85, with a volume of 164027 shares trading hands. The stock had previously closed at $58.30.
A number of equities research analysts recently issued reports on NOVT shares. BidaskClub downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. William Blair started coverage on shares of Novanta in a research note on Tuesday, February 27th. They set an “outperform” rating on the stock. Zacks Investment Research raised shares of Novanta from a “hold” rating to a “buy” rating and set a $59.00 price target on the stock in a research note on Thursday, March 29th. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Novanta in a research note on Thursday, March 1st.
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 stock has a market cap of $2,140.08, a price-to-earnings ratio of 38.32 and a beta of 1.47.
Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. The firm had revenue of $146.92 million for the quarter, compared to analysts’ expectations of $146.35 million. Novanta had a net margin of 9.80% and a return on equity of 18.52%. The business’s revenue for the quarter was up 48.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 earnings per share. equities analysts expect that Novanta Inc. will post 1.92 earnings per share for the current fiscal year.
In other news, CFO Robert Buckley sold 8,780 shares of the company’s stock in a transaction dated Monday, March 19th. The shares were sold at an average price of $55.95, for a total value of $491,241.00. Following the transaction, the chief financial officer now directly owns 166,643 shares in the company, valued at $9,323,675.85. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 26,394 shares of company stock worth $1,480,917. Company insiders own 6.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. Wells Fargo & Company MN grew its holdings in Novanta by 25.5% during the 4th quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock worth $115,139,000 after acquiring an additional 467,585 shares in the last quarter. BlackRock Inc. lifted its position in shares of Novanta by 8.7% during the fourth quarter. BlackRock Inc. now owns 2,020,420 shares of the technology company’s stock valued at $101,020,000 after buying an additional 160,881 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Novanta by 11.5% during the fourth quarter. Renaissance Technologies LLC now owns 1,117,700 shares of the technology company’s stock valued at $55,885,000 after buying an additional 115,100 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Novanta by 1.1% during the third quarter. Dimensional Fund Advisors LP now owns 1,042,969 shares of the technology company’s stock valued at $45,473,000 after buying an additional 11,407 shares during the last quarter. Finally, Vident Investment Advisory LLC purchased a new stake in shares of Novanta during the fourth quarter valued at about $19,439,000. Institutional investors own 82.50% of the company’s stock.
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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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