Aaron Wealth Advisors LLC acquired a new stake in Novanta Inc. (NASDAQ:NOVT – Get Rating) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,956 shares of the technology company's stock, valued at approximately $77,000.
Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in shares of Novanta by 20.3% during the 1st quarter. Fifth Third Bancorp now owns 527 shares of the technology company's stock worth $75,000 after purchasing an additional 89 shares during the last quarter. First Republic Investment Management Inc. raised its holdings in Novanta by 3.5% in the fourth quarter. First Republic Investment Management Inc. now owns 2,768 shares of the technology company's stock valued at $488,000 after buying an additional 94 shares during the period. Meeder Asset Management Inc. purchased a new position in Novanta in the first quarter valued at approximately $25,000. Skandinaviska Enskilda Banken AB publ raised its holdings in Novanta by 0.8% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 22,863 shares of the technology company's stock valued at $3,984,000 after buying an additional 185 shares during the period. Finally, Blair William & Co. IL raised its holdings in Novanta by 2.3% in the fourth quarter. Blair William & Co. IL now owns 8,444 shares of the technology company's stock valued at $1,489,000 after buying an additional 193 shares during the period. 94.10% of the stock is owned by institutional investors and hedge funds.
Get Novanta alerts:Analysts Set New Price Targets
Several research analysts recently commented on the stock. William Blair upgraded shares of Novanta from a "market perform" rating to an "outperform" rating in a report on Wednesday, May 11th. TheStreet upgraded shares of Novanta from a "c+" rating to a "b-" rating in a research note on Friday, August 5th.
Novanta Stock Down 5.5 %
NOVT stock opened at $139.90 on Friday. Novanta Inc. has a twelve month low of $110.84 and a twelve month high of $184.44. The company has a current ratio of 2.01, a quick ratio of 1.24 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $4.99 billion, a P/E ratio of 78.60 and a beta of 1.16. The firm has a 50 day simple moving average of $137.49 and a 200-day simple moving average of $132.96.Novanta (NASDAQ:NOVT – Get Rating) last released its quarterly earnings results on Tuesday, August 9th. The technology company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.06. Novanta had a net margin of 7.99% and a return on equity of 20.14%. The business had revenue of $215.36 million during the quarter, compared to the consensus estimate of $209.07 million. During the same quarter last year, the company earned $0.62 earnings per share. The business's quarterly revenue was up 28.6% compared to the same quarter last year. On average, equities research analysts predict that Novanta Inc. will post 2.99 earnings per share for the current fiscal year.
About Novanta
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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 beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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