Shares of Novanta Inc. (NASDAQ:NOVT - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $143.18 and last traded at $146.18, with a volume of 235853 shares changing hands. The stock had previously closed at $147.48.
Wall Street Analyst Weigh In
Separately, Robert W. Baird decreased their price target on shares of Novanta from $175.00 to $169.00 and set a "neutral" rating on the stock in a research note on Wednesday, November 6th.
Read Our Latest Stock Analysis on NOVT
Novanta Stock Down 0.1 %
The company has a market cap of $5.25 billion, a P/E ratio of 87.46 and a beta of 1.28. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The firm's 50 day moving average price is $162.92 and its two-hundred day moving average price is $170.01.
Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.85. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. During the same period in the prior year, the company posted $0.85 earnings per share. The company's quarterly revenue was up 10.3% on a year-over-year basis. Equities research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.
Insider Transactions at Novanta
In other news, CEO Matthijs Glastra sold 7,500 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $179.70, for a total transaction of $1,347,750.00. Following the completion of the transaction, the chief executive officer now directly owns 56,382 shares in the company, valued at approximately $10,131,845.40. This represents a 11.74 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.20% of the company's stock.
Hedge Funds Weigh In On Novanta
Hedge funds and other institutional investors have recently modified their holdings of the business. Conestoga Capital Advisors LLC increased its stake in shares of Novanta by 1.6% in the third quarter. Conestoga Capital Advisors LLC now owns 1,350,651 shares of the technology company's stock worth $241,658,000 after acquiring an additional 20,825 shares during the period. State Street Corp lifted its stake in shares of Novanta by 2.0% in the third quarter. State Street Corp now owns 1,298,419 shares of the technology company's stock worth $232,313,000 after buying an additional 24,929 shares in the last quarter. Geneva Capital Management LLC boosted its stake in Novanta by 1.1% during the third quarter. Geneva Capital Management LLC now owns 780,046 shares of the technology company's stock worth $139,566,000 after buying an additional 8,574 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Novanta by 10.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 734,728 shares of the technology company's stock valued at $131,457,000 after purchasing an additional 69,858 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Novanta by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 680,104 shares of the technology company's stock valued at $110,933,000 after acquiring an additional 19,701 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.
About Novanta
(
Get Free Report)
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.
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