Novanta (NASDAQ:NOVT) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Novanta (NASDAQ:NOVT) from a buy rating to a hold rating in a report released on Monday.

Novanta Stock Up 3.0%

Shares of NOVT opened at $124.87 on Monday. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57. The stock’s 50 day moving average is $125.15 and its two-hundred day moving average is $128.57. The firm has a market cap of $4.49 billion, a P/E ratio of 73.45 and a beta of 1.48. Novanta has a 12 month low of $98.76 and a 12 month high of $186.75.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. The firm had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.73 earnings per share. Analysts predict that Novanta will post 3.03 earnings per share for the current fiscal year.

Institutional Trading of Novanta

A number of institutional investors have recently made changes to their positions in the company. State of Michigan Retirement System lifted its position in Novanta by 1.2% during the first quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company’s stock worth $1,100,000 after buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in Novanta by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company’s stock worth $1,291,000 after buying an additional 100 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Novanta by 4.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company’s stock worth $304,000 after buying an additional 103 shares in the last quarter. State of Alaska Department of Revenue lifted its position in Novanta by 2.6% during the first quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company’s stock worth $537,000 after buying an additional 105 shares in the last quarter. Finally, State of Wyoming lifted its position in Novanta by 4.4% during the fourth quarter. State of Wyoming now owns 2,536 shares of the technology company’s stock worth $387,000 after buying an additional 106 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Company 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.