Atria Investments LLC lifted its stake in shares of Novanta Inc. (NASDAQ:NOVT – Get Rating) by 6.0% during the 1st quarter, HoldingsChannel reports. The firm owned 7,278 shares of the technology company’s stock after acquiring an additional 412 shares during the period. Atria Investments LLC’s holdings in Novanta were worth $1,036,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. UMB Bank N A MO bought a new stake in shares of Novanta during the 4th quarter valued at approximately $56,000. Fifth Third Bancorp grew its holdings in Novanta by 33.5% during the 4th quarter. Fifth Third Bancorp now owns 438 shares of the technology company’s stock worth $77,000 after acquiring an additional 110 shares during the last quarter. Profund Advisors LLC bought a new stake in Novanta during the 4th quarter worth approximately $211,000. Revolve Wealth Partners LLC bought a new stake in Novanta during the 4th quarter worth approximately $215,000. Finally, Hardy Reed LLC bought a new stake in Novanta during the 1st quarter worth approximately $190,000. 94.10% of the stock is owned by institutional investors.
Novanta Stock Up 2.5 %
Shares of NASDAQ NOVT opened at $148.79 on Thursday. The company has a market capitalization of $5.31 billion, a P/E ratio of 91.85 and a beta of 1.07. Novanta Inc. has a 52-week low of $110.84 and a 52-week high of $184.44. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.29 and a current ratio of 2.05. The company’s 50 day moving average price is $124.46 and its 200-day moving average price is $132.05.
Novanta (NASDAQ:NOVT – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.10. The firm had revenue of $204.20 million for the quarter, compared to the consensus estimate of $195.96 million. Novanta had a net margin of 7.73% and a return on equity of 19.41%. The company’s revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.58 EPS. Equities analysts forecast that Novanta Inc. will post 3 earnings per share for the current year.
Analysts Set New Price Targets
NOVT has been the topic of a number of research reports. StockNews.com initiated coverage on shares of Novanta in a report on Thursday, March 31st. They set a “hold” rating on the stock. William Blair raised shares of Novanta from a “market perform” rating to an “outperform” rating in a report on Wednesday, May 11th. Finally, TheStreet lowered shares of Novanta from a “b-” rating to a “c+” rating in a report on Wednesday, June 1st.
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 beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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