Novanta (NOVT) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a report published on Friday morning.

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. “

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NOVT has been the topic of several other research reports. BidaskClub raised shares of Novanta from a buy rating to a strong-buy rating in a research report on Friday, January 19th. Robert W. Baird reissued a buy rating on shares of Novanta in a research report on Thursday, March 1st. Finally, William Blair initiated coverage on shares of Novanta in a research report on Tuesday, February 27th. They issued an outperform rating on the stock.

NASDAQ NOVT 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 capitalization of $1,766.18, a PE ratio of 31.91 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.03. Novanta had a net margin of 9.80% and a return on equity of 18.52%. The company had revenue of $146.92 million for the quarter, compared to analyst estimates of $146.35 million. During the same quarter in the previous year, the firm posted $0.35 earnings per share. The company’s quarterly revenue was up 48.6% compared to the same quarter last year. research analysts predict that Novanta will post 1.92 earnings per share for the current fiscal year.

In related news, CFO Robert Buckley sold 8,764 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $56.83, for a total transaction of $498,058.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders have sold 26,394 shares of company stock valued at $1,480,917. 8.30% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of NOVT. Wells Fargo & Company MN grew its stake in Novanta by 25.5% during the fourth quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock valued at $115,139,000 after acquiring an additional 467,585 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in Novanta during the fourth quarter valued at approximately $19,439,000. Neuberger Berman Group LLC purchased a new position in Novanta during the third quarter valued at approximately $13,819,000. Arrowstreet Capital Limited Partnership grew its stake in Novanta by 305.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 312,675 shares of the technology company’s stock valued at $15,634,000 after acquiring an additional 235,474 shares in the last quarter. Finally, Cortina Asset Management LLC purchased a new position in Novanta during the fourth quarter valued at approximately $8,983,000. 82.66% of the stock is owned by institutional investors.

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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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