Novanta (NASDAQ:NOVT) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a research report report published on Tuesday morning, Zacks.com reports.

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. “

Separately, TheStreet raised Novanta from a c+ rating to a b rating in a research note on Monday, March 1st.

Shares of NOVT stock opened at $135.58 on Tuesday. The firm has a market capitalization of $4.80 billion, a PE ratio of 110.23 and a beta of 1.00. The company has a 50-day moving average of $135.28. The company has a current ratio of 2.63, a quick ratio of 1.87 and a debt-to-equity ratio of 0.39. Novanta has a 1-year low of $95.53 and a 1-year high of $146.16.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, May 11th. The technology company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.19. The company had revenue of $162.60 million during the quarter, compared to analysts’ expectations of $156.28 million. Novanta had a return on equity of 15.66% and a net margin of 7.34%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.51 earnings per share. As a group, equities analysts forecast that Novanta will post 2.16 earnings per share for the current year.

In related news, CFO Robert Buckley sold 3,704 shares of the company’s stock in a transaction dated Monday, April 5th. The stock was sold at an average price of $136.02, for a total transaction of $503,818.08. Following the sale, the chief financial officer now owns 158,198 shares in the company, valued at approximately $21,518,091.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction dated Monday, April 5th. The shares were sold at an average price of $135.43, for a total value of $1,015,725.00. Following the sale, the chief executive officer now owns 127,833 shares in the company, valued at approximately $17,312,423.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,776 shares of company stock worth $4,066,677. 3.40% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in NOVT. Norges Bank bought a new position in Novanta in the fourth quarter worth approximately $37,933,000. JPMorgan Chase & Co. boosted its holdings in Novanta by 39.0% in the fourth quarter. JPMorgan Chase & Co. now owns 811,817 shares of the technology company’s stock worth $95,972,000 after acquiring an additional 227,934 shares in the last quarter. BlackRock Inc. boosted its holdings in Novanta by 5.2% in the fourth quarter. BlackRock Inc. now owns 2,646,209 shares of the technology company’s stock worth $312,834,000 after acquiring an additional 129,606 shares in the last quarter. Capital International Investors boosted its holdings in Novanta by 29.7% in the first quarter. Capital International Investors now owns 493,422 shares of the technology company’s stock worth $65,077,000 after acquiring an additional 113,122 shares in the last quarter. Finally, Artisan Partners Limited Partnership boosted its holdings in Novanta by 7.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,257,365 shares of the technology company’s stock worth $148,646,000 after acquiring an additional 92,169 shares in the last quarter. Institutional investors and hedge funds own 90.91% of the company’s stock.

Novanta Company Profile

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. Its Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products for photonics-based applications, such as industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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