Novanta Inc (NOVT) Receives Consensus Rating of “Strong Buy” from Analysts

Novanta Inc (NASDAQ:NOVT) has been given a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation.

Analysts have set a 12-month consensus price objective of $54.00 for the company and are predicting that the company will post $0.41 earnings per share 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 its competitors.

Several equities analysts recently weighed in on the company. BidaskClub downgraded Novanta from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 26th. Robert W. Baird assumed coverage on Novanta in a research report on Thursday, December 7th. They set an “outperform” rating and a $54.00 target price on the stock.

Shares of Novanta (NOVT) opened at $52.25 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.93 and a quick ratio of 2.00. Novanta has a 12-month low of $23.75 and a 12-month high of $60.30. The stock has a market capitalization of $1,810.00, a price-to-earnings ratio of 31.10 and a beta of 1.33.

In related news, Director Stephen W. Bershad sold 500,000 shares of the stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the transaction, the director now directly owns 1,711,648 shares in the company, valued at $89,947,102.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOVT. Alliancebernstein L.P. lifted its position in Novanta by 1.5% during the second quarter. Alliancebernstein L.P. now owns 42,600 shares of the technology company’s stock worth $1,534,000 after buying an additional 610 shares during the period. Teachers Advisors LLC increased its stake in Novanta by 6.0% during the second quarter. Teachers Advisors LLC now owns 77,122 shares of the technology company’s stock worth $2,776,000 after acquiring an additional 4,359 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Novanta during the second quarter worth about $1,575,000. New York State Common Retirement Fund increased its stake in Novanta by 69.9% during the second quarter. New York State Common Retirement Fund now owns 57,097 shares of the technology company’s stock worth $2,055,000 after acquiring an additional 23,496 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in Novanta by 35.7% during the second quarter. UBS Asset Management Americas Inc. now owns 13,298 shares of the technology company’s stock worth $479,000 after acquiring an additional 3,500 shares during the last quarter. Hedge funds and other institutional investors own 76.83% of the company’s stock.

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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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