Novanta (NASDAQ:NOVT) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Novanta Inc. designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical equipment and advanced industrial technology markets. Novanta Inc., formerly known as GSI Group Inc., is based in Bedford, Massachusetts. “

NASDAQ:NOVT opened at $155.29 on Wednesday. Novanta has a fifty-two week low of $118.73 and a fifty-two week high of $184.44. The stock has a market capitalization of $5.53 billion, a P/E ratio of 112.53 and a beta of 1.00. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.24 and a current ratio of 1.88. The company’s 50-day simple moving average is $167.78 and its 200-day simple moving average is $154.89.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, November 9th. The technology company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.15. The company had revenue of $177.73 million during the quarter, compared to analysts’ expectations of $172.06 million. Novanta had a net margin of 7.51% and a return on equity of 18.21%. Novanta’s revenue for the quarter was up 24.3% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. On average, research analysts forecast that Novanta will post 2.58 EPS for the current year.

In other news, CEO Matthijs Glastra sold 15,000 shares of Novanta stock in a transaction that occurred on Monday, December 13th. The shares were sold at an average price of $166.82, for a total transaction of $2,502,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.60% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Los Angeles Capital Management LLC acquired a new position in shares of Novanta during the 3rd quarter valued at about $1,157,000. Geode Capital Management LLC increased its stake in shares of Novanta by 4.6% during the second quarter. Geode Capital Management LLC now owns 615,398 shares of the technology company’s stock worth $82,931,000 after buying an additional 26,791 shares during the period. SG Americas Securities LLC increased its stake in shares of Novanta by 18.9% during the third quarter. SG Americas Securities LLC now owns 24,045 shares of the technology company’s stock worth $3,715,000 after buying an additional 3,818 shares during the period. Versor Investments LP purchased a new position in Novanta in the third quarter valued at approximately $742,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Novanta by 4.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 264,928 shares of the technology company’s stock valued at $35,702,000 after purchasing an additional 10,481 shares during the last quarter. 92.62% of the stock is currently owned by institutional investors.

About Novanta

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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