Novanta (NOVT) Now Covered by Robert W. Baird
Stock analysts at Robert W. Baird initiated coverage on shares of Novanta (NASDAQ:NOVT) in a report released on Thursday, The Fly reports. The firm set an “outperform” rating on the technology company’s stock.
Separately, BidaskClub downgraded shares of Novanta from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd.
Shares of Novanta (NOVT) traded up $1.00 during trading hours on Thursday, reaching $45.80. 249,191 shares of the company traded hands, compared to its average volume of 184,289. The company has a market cap of $1,550.00, a P/E ratio of 29.28 and a beta of 1.26. Novanta has a one year low of $20.13 and a one year high of $55.10. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.93 and a quick ratio of 2.00.
In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of the company’s stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $52.55, for a total value of $26,275,000.00. Following the transaction, the director now directly owns 1,711,648 shares in the company, valued at approximately $89,947,102.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its position in shares of Novanta by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 24,766 shares of the technology company’s stock worth $892,000 after purchasing an additional 128 shares during the period. Boston Advisors LLC lifted its position in shares of Novanta by 0.6% in the 1st quarter. Boston Advisors LLC now owns 33,505 shares of the technology company’s stock worth $474,000 after purchasing an additional 210 shares during the period. Bank of America Corp DE lifted its position in shares of Novanta by 0.4% in the 4th quarter. Bank of America Corp DE now owns 84,475 shares of the technology company’s stock worth $1,151,000 after purchasing an additional 352 shares during the period. Legal & General Group Plc lifted its position in shares of Novanta by 4.8% in the 2nd quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock worth $275,000 after purchasing an additional 353 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of Novanta by 1.5% in the 2nd quarter. Alliancebernstein L.P. now owns 42,600 shares of the technology company’s stock worth $1,534,000 after purchasing an additional 610 shares during the period. Institutional investors and hedge funds own 79.01% of the company’s stock.
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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