Cibc World Markets Corp Buys Shares of 3,357 Novanta Inc. (NASDAQ:NOVT)

Cibc World Markets Corp purchased a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,357 shares of the technology company's stock, valued at approximately $513,000.

A number of other hedge funds have also modified their holdings of NOVT. Empowered Funds LLC acquired a new stake in Novanta during the fourth quarter valued at $26,000. SBI Securities Co. Ltd. acquired a new position in Novanta in the 4th quarter worth about $97,000. Venturi Wealth Management LLC raised its stake in shares of Novanta by 6,500.0% during the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock worth $111,000 after purchasing an additional 715 shares in the last quarter. Associated Banc Corp acquired a new stake in shares of Novanta during the 3rd quarter valued at about $209,000. Finally, Hardy Reed LLC bought a new stake in shares of Novanta in the 3rd quarter valued at approximately $211,000. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Stock Down 1.2 %

NASDAQ NOVT traded down $1.63 during trading on Wednesday, hitting $135.19. 176,475 shares of the company traded hands, compared to its average volume of 166,998. Novanta Inc. has a 12 month low of $131.03 and a 12 month high of $187.12. The business has a fifty day simple moving average of $143.90 and a 200 day simple moving average of $159.28. The company has a market capitalization of $4.86 billion, a P/E ratio of 80.95 and a beta of 1.34. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61.

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Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The business had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. During the same period last year, the business earned $0.63 EPS. The firm's revenue was up 12.5% compared to the same quarter last year. As a group, sell-side analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird cut their price objective on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd.

Novanta Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.