Novanta (NOVT) Research Coverage Started at Robert W. Baird

Investment analysts at Robert W. Baird began coverage on shares of Novanta (NASDAQ:NOVT) in a research report issued on Thursday. The firm set an “outperform” rating on the technology company’s stock.

Separately, BidaskClub lowered shares of Novanta from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd.

Shares of Novanta (NASDAQ:NOVT) traded up $1.00 during mid-day trading on Thursday, reaching $45.80. 249,191 shares of the company’s stock were exchanged, compared to its average volume of 184,289. The company has a market cap of $1,550.00, a price-to-earnings ratio of 29.28 and a beta of 1.26. The company has a quick ratio of 2.00, a current ratio of 2.93 and a debt-to-equity ratio of 0.76. Novanta has a fifty-two week low of $20.13 and a fifty-two week high of $55.10.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. Novanta had a net margin of 12.45% and a return on equity of 18.29%. The business had revenue of $146.30 million during the quarter, compared to analyst estimates of $132.10 million. During the same quarter in the previous year, the business posted $0.29 EPS. Novanta’s quarterly revenue was up 49.5% on a year-over-year basis. research analysts anticipate that Novanta will post 1.56 EPS for the current year.

In other news, Director Stephen W. Bershad sold 500,000 shares of the company’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $52.55, for a total value of $26,275,000.00. Following the completion of the sale, the director now owns 1,711,648 shares in the company, valued at approximately $89,947,102.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.30% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its stake in shares of Novanta by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,766 shares of the technology company’s stock worth $892,000 after acquiring an additional 128 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Novanta by 4.8% in the 2nd quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock worth $275,000 after buying an additional 353 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Novanta by 1.5% in the 2nd quarter. Alliancebernstein L.P. now owns 42,600 shares of the technology company’s stock worth $1,534,000 after buying an additional 610 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in shares of Novanta by 0.4% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 150,894 shares of the technology company’s stock worth $5,432,000 after buying an additional 642 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Novanta by 19.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,822 shares of the technology company’s stock worth $210,000 after buying an additional 938 shares during the last quarter. Hedge funds and other institutional investors own 79.01% of the company’s stock.

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About Novanta

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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