Zacks: Novanta Inc (NOVT) Given Average Rating of “Strong Buy” by Brokerages

Shares of Novanta Inc (NASDAQ:NOVT) have received a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation.

Brokerages have set a 1-year consensus price target of $54.00 for the company and are expecting that the company will post $0.41 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 177 out of 265 based on the ratings given to related companies.

NOVT has been the subject of a number of analyst reports. BidaskClub raised shares of Novanta from a “buy” rating to a “strong-buy” rating in a research note on Friday, January 19th. Robert W. Baird initiated coverage on shares of Novanta in a research note on Thursday, December 7th. They set an “outperform” rating and a $54.00 target price for the company.

In related news, Director Stephen W. Bershad sold 500,000 shares of Novanta stock in a transaction on Monday, November 27th. The shares were sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the completion of the transaction, the director now owns 1,711,648 shares of the company’s stock, valued at $89,947,102.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 8.30% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Alps Advisors Inc. bought a new stake in Novanta in the third quarter valued at $500,000. New York State Common Retirement Fund increased its stake in Novanta by 112.8% in the third quarter. New York State Common Retirement Fund now owns 121,474 shares of the technology company’s stock valued at $5,296,000 after purchasing an additional 64,377 shares in the last quarter. Voya Investment Management LLC increased its stake in Novanta by 15.0% in the second quarter. Voya Investment Management LLC now owns 14,963 shares of the technology company’s stock valued at $539,000 after purchasing an additional 1,955 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Novanta by 269.5% in the third 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 in the last quarter. Finally, AHL Partners LLP bought a new stake in Novanta in the second quarter valued at $324,000. 76.83% of the stock is owned by hedge funds and other institutional investors.

Novanta (NASDAQ:NOVT) opened at $52.25 on Thursday. Novanta has a 52 week low of $23.75 and a 52 week high of $60.30. The firm has a market cap of $1,810.00, a price-to-earnings ratio of 31.10 and a beta of 1.33. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.00 and a current ratio of 2.93.

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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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