Novanta (NOVT) Hits New 52-Week High at $89.68

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Novanta Inc (NASDAQ:NOVT)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $89.68 and last traded at $89.63, with a volume of 4490 shares. The stock had previously closed at $88.89.

NOVT has been the topic of several research reports. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research note on Saturday, March 2nd. BidaskClub raised Novanta from a “hold” rating to a “buy” rating in a research note on Friday, December 21st. Finally, Robert W. Baird upped their price target on Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, February 28th.

The company has a market capitalization of $3.11 billion, a PE ratio of 41.27 and a beta of 1.49. The company has a quick ratio of 1.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.55.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Wednesday, February 27th. The technology company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. The firm had revenue of $156.20 million for the quarter, compared to the consensus estimate of $154.51 million. Novanta had a return on equity of 19.48% and a net margin of 7.99%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. As a group, analysts forecast that Novanta Inc will post 2.35 earnings per share for the current year.

In related news, CAO Peter L. Chang sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $81.14, for a total transaction of $405,700.00. Following the transaction, the chief accounting officer now owns 24,760 shares in the company, valued at approximately $2,009,026.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 6.70% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in Novanta by 11.1% during the 4th quarter. Geode Capital Management LLC now owns 379,215 shares of the technology company’s stock worth $23,890,000 after buying an additional 37,821 shares during the last quarter. Norges Bank purchased a new position in Novanta during the 4th quarter worth approximately $15,912,000. Amalgamated Bank purchased a new position in Novanta during the 4th quarter worth approximately $304,000. Millennium Management LLC purchased a new position in Novanta during the 4th quarter worth approximately $949,000. Finally, Legal & General Group Plc lifted its position in Novanta by 2.1% during the 4th quarter. Legal & General Group Plc now owns 175,222 shares of the technology company’s stock worth $11,038,000 after acquiring an additional 3,570 shares during the period. Hedge funds and other institutional investors own 85.73% of the company’s stock.

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Novanta Company Profile (NASDAQ:NOVT)

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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