Punch & Associates Investment Management Inc. grew its position in Novanta Inc (NASDAQ:NOVT) by 1.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 91,773 shares of the technology company’s stock after purchasing an additional 1,755 shares during the quarter. Punch & Associates Investment Management Inc.’s holdings in Novanta were worth $7,776,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Novanta by 3.7% during the 4th quarter. BlackRock Inc. now owns 2,273,355 shares of the technology company’s stock valued at $143,221,000 after purchasing an additional 82,008 shares during the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Novanta by 2.4% during the 1st quarter. Artisan Partners Limited Partnership now owns 815,425 shares of the technology company’s stock valued at $69,091,000 after purchasing an additional 18,898 shares during the last quarter. Conestoga Capital Advisors LLC grew its holdings in shares of Novanta by 1.0% during the 1st quarter. Conestoga Capital Advisors LLC now owns 677,832 shares of the technology company’s stock valued at $57,433,000 after purchasing an additional 6,935 shares during the last quarter. OppenheimerFunds Inc. grew its holdings in shares of Novanta by 1.7% during the 1st quarter. OppenheimerFunds Inc. now owns 659,600 shares of the technology company’s stock valued at $55,888,000 after purchasing an additional 11,278 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Novanta by 8.1% during the 1st quarter. Janus Henderson Group PLC now owns 561,788 shares of the technology company’s stock valued at $47,600,000 after purchasing an additional 41,995 shares during the last quarter. Institutional investors own 87.18% of the company’s stock.
NOVT traded down $0.68 during trading on Friday, reaching $85.66. 1,154 shares of the company’s stock were exchanged, compared to its average volume of 114,372. Novanta Inc has a one year low of $55.68 and a one year high of $89.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.83 and a quick ratio of 1.78. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 39.39 and a beta of 1.49.
Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.04. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The firm had revenue of $157.20 million for the quarter, compared to analyst estimates of $155.85 million. During the same period in the previous year, the firm posted $0.47 EPS. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities research analysts predict that Novanta Inc will post 2.41 EPS for the current year.
Several equities research analysts recently issued reports on the stock. BidaskClub raised shares of Novanta from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 30th. Zacks Investment Research raised shares of Novanta from a “hold” rating to a “buy” rating and set a $92.00 price target on the stock in a report on Saturday, May 11th. Finally, Robert W. Baird lifted their price target on shares of Novanta from $61.00 to $81.00 and gave the company a “neutral” rating in a report on Thursday, February 28th.
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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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