Sandler Capital Management boosted its holdings in Novanta Inc. (NASDAQ:NOVT – Get Rating) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 43,806 shares of the technology company's stock after buying an additional 3,970 shares during the period. Sandler Capital Management's holdings in Novanta were worth $6,233,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its holdings in shares of Novanta by 20.3% in 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 period. First Republic Investment Management Inc. raised its holdings in shares of Novanta by 3.5% in the 4th quarter. First Republic Investment Management Inc. now owns 2,768 shares of the technology company's stock worth $488,000 after purchasing an additional 94 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of Novanta in the 1st quarter worth about $25,000. Lazard Asset Management LLC raised its holdings in shares of Novanta by 23.1% in the 1st quarter. Lazard Asset Management LLC now owns 976 shares of the technology company's stock worth $138,000 after purchasing an additional 183 shares during the period. Finally, Blair William & Co. IL raised its holdings in shares of Novanta by 2.3% in the 4th quarter. Blair William & Co. IL now owns 8,444 shares of the technology company's stock worth $1,489,000 after purchasing an additional 193 shares during the period. 99.96% of the stock is owned by institutional investors and hedge funds.
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Shares of NASDAQ:NOVT opened at $134.42 on Tuesday. The company has a market cap of $4.79 billion, a P/E ratio of 77.81 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.24 and a current ratio of 2.01. Novanta Inc. has a one year low of $110.84 and a one year high of $184.44. The business's 50-day simple moving average is $140.04 and its 200 day simple moving average is $132.66.
Novanta (NASDAQ:NOVT – Get Rating) last announced its earnings results on Tuesday, August 9th. The technology company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.72 by $0.06. The business had revenue of $215.36 million for the quarter, compared to the consensus estimate of $209.07 million. Novanta had a return on equity of 20.14% and a net margin of 7.99%. The company's revenue was up 28.6% on a year-over-year basis. During the same period last year, the business posted $0.62 EPS. On average, sell-side analysts forecast that Novanta Inc. will post 2.99 earnings per share for the current fiscal year.Analyst Ratings Changes
Separately, TheStreet upgraded Novanta from a "c+" rating to a "b-" rating in a report on Friday, August 5th.
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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