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.
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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