Robert W. Baird Reaffirms Buy Rating for Novanta (NOVT)
Several other analysts also recently weighed in on NOVT. BidaskClub downgraded shares of Novanta from a strong-buy rating to a buy rating in a research report on Saturday, December 2nd. William Blair started coverage on shares of Novanta in a research report on Tuesday, February 27th. They issued an outperform rating on the stock.
Novanta (NASDAQ NOVT) traded down $1.75 during trading on Thursday, hitting $54.75. 47,205 shares of the stock were exchanged, compared to its average volume of 245,029. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.00 and a current ratio of 2.93. Novanta has a one year low of $23.75 and a one year high of $60.30. The company has a market cap of $1,954.73, a P/E ratio of 35.09 and a beta of 1.33.
A number of large investors have recently modified their holdings of NOVT. Wells Fargo & Company MN lifted its position in Novanta by 25.5% in the 4th quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock valued at $115,139,000 after purchasing an additional 467,585 shares during the last quarter. Vident Investment Advisory LLC bought a new stake in Novanta in the 4th quarter valued at about $19,439,000. Artisan Partners Limited Partnership lifted its position in Novanta by 269.5% in the 3rd quarter. Artisan Partners Limited Partnership now owns 456,731 shares of the technology company’s stock valued at $19,913,000 after purchasing an additional 333,128 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in Novanta during the 3rd quarter valued at about $13,819,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Novanta by 305.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 312,675 shares of the technology company’s stock valued at $15,634,000 after buying an additional 235,474 shares during the period. Hedge funds and other institutional investors own 82.74% of the company’s stock.
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Novanta Company Profile
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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