Novanta (NOVT) Stock Rating Lowered by ValuEngine

ValuEngine downgraded shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a report issued on Saturday.

NOVT has been the topic of a number of other reports. BidaskClub cut shares of Novanta from a strong-buy rating to a buy rating in a research note on Friday, September 21st. Zacks Investment Research cut shares of Novanta from a buy rating to a hold rating in a research note on Wednesday, July 11th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Novanta has a consensus rating of Hold and an average target price of $64.00.

Shares of NOVT stock opened at $64.93 on Friday. The company has a market cap of $2.37 billion, a P/E ratio of 40.58 and a beta of 1.59. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.14 and a current ratio of 3.18. Novanta has a 12 month low of $43.55 and a 12 month high of $78.85.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.51 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The company had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $147.26 million. Novanta had a net margin of 5.14% and a return on equity of 19.99%. Novanta’s revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 EPS. As a group, research analysts forecast that Novanta will post 2 EPS for the current year.

In related news, VP Peter L. Chang sold 3,680 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $70.63, for a total transaction of $259,918.40. Following the sale, the vice president now owns 36,132 shares of the company’s stock, valued at approximately $2,552,003.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Robert Buckley sold 13,487 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $72.90, for a total transaction of $983,202.30. Following the sale, the chief financial officer now directly owns 157,027 shares in the company, valued at approximately $11,447,268.30. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of NOVT. SG Americas Securities LLC bought a new stake in Novanta during the 1st quarter worth approximately $216,000. Schwab Charles Investment Management Inc. increased its holdings in Novanta by 3.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 156,429 shares of the technology company’s stock worth $8,158,000 after acquiring an additional 5,182 shares during the period. BlackRock Inc. increased its holdings in Novanta by 1.4% during the 1st quarter. BlackRock Inc. now owns 2,047,772 shares of the technology company’s stock worth $106,792,000 after acquiring an additional 27,352 shares during the period. JPMorgan Chase & Co. increased its holdings in Novanta by 48.3% during the 1st quarter. JPMorgan Chase & Co. now owns 57,524 shares of the technology company’s stock worth $3,000,000 after acquiring an additional 18,744 shares during the period. Finally, New York State Common Retirement Fund increased its holdings in Novanta by 9.5% during the 1st quarter. New York State Common Retirement Fund now owns 201,211 shares of the technology company’s stock worth $10,493,000 after acquiring an additional 17,400 shares during the period. 85.75% of the stock is currently owned by institutional investors and hedge funds.

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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