Blair William & Co. IL Purchases 39,606 Shares of Novanta Inc (NOVT)

Blair William & Co. IL increased its position in Novanta Inc (NASDAQ:NOVT) by 55.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,372 shares of the technology company’s stock after buying an additional 39,606 shares during the quarter. Blair William & Co. IL owned 0.32% of Novanta worth $7,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. State of Wisconsin Investment Board bought a new stake in Novanta in the second quarter valued at approximately $1,184,000. Zions Bancorporation bought a new stake in Novanta in the second quarter valued at approximately $220,000. Eagle Asset Management Inc. bought a new stake in Novanta in the third quarter valued at approximately $8,420,000. Castleark Management LLC lifted its position in Novanta by 26.6% in the second quarter. Castleark Management LLC now owns 143,359 shares of the technology company’s stock valued at $8,931,000 after purchasing an additional 30,080 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Novanta by 6.0% in the second quarter. BlackRock Inc. now owns 2,171,173 shares of the technology company’s stock valued at $135,264,000 after purchasing an additional 123,401 shares during the last quarter. Institutional investors own 86.89% of the company’s stock.

Shares of NOVT stock opened at $64.93 on Friday. The company has a quick ratio of 1.97, a current ratio of 2.89 and a debt-to-equity ratio of 0.69. Novanta Inc has a fifty-two week low of $43.65 and a fifty-two week high of $78.85. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 40.58 and a beta of 1.72.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.09. Novanta had a return on equity of 18.95% and a net margin of 6.18%. The firm had revenue of $160.79 million during the quarter, compared to the consensus estimate of $154.43 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. The business’s revenue was up 9.9% on a year-over-year basis. On average, equities analysts predict that Novanta Inc will post 2.06 EPS for the current year.

In other news, CFO Robert Buckley sold 13,487 shares of the business’s stock in a transaction that occurred on Monday, September 17th. The stock was sold at an average price of $72.90, for a total transaction of $983,202.30. Following the transaction, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at $11,447,268.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthijs Glastra sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The shares were sold at an average price of $74.00, for a total value of $1,480,000.00. Following the transaction, the chief executive officer now directly owns 71,107 shares in the company, valued at $5,261,918. The disclosure for this sale can be found here. Insiders have sold 533,487 shares of company stock worth $36,538,202 over the last three months. Insiders own 6.70% of the company’s stock.

Several analysts have weighed in on the company. BidaskClub downgraded Novanta from a “buy” rating to a “hold” rating in a research report on Friday. Zacks Investment Research upgraded Novanta from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Saturday, November 17th. Finally, ValuEngine upgraded Novanta from a “hold” rating to a “buy” rating in a research report on Wednesday, October 31st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $67.00.

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About Novanta

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

Further Reading: Moving Average (MA)

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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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