Cibc World Markets Corp Purchases New Position in Novanta Inc. (NASDAQ:NOVT)

Cibc World Markets Corp purchased a new stake in Novanta Inc. (NASDAQ:NOVT) in the 4th quarter, HoldingsChannel reports. The firm purchased 3,357 shares of the technology company’s stock, valued at approximately $513,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC purchased a new position in shares of Novanta in the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. purchased a new position in shares of Novanta in the 4th quarter valued at about $97,000. Venturi Wealth Management LLC increased its stake in shares of Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock valued at $111,000 after purchasing an additional 715 shares in the last quarter. Associated Banc Corp purchased a new position in shares of Novanta in the 3rd quarter valued at about $209,000. Finally, Hardy Reed LLC acquired a new stake in Novanta in the 3rd quarter worth about $211,000. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird lowered their price objective on Novanta from $169.00 to $160.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd.

Novanta Trading Down 0.5 %

NOVT stock opened at $133.52 on Friday. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12-month low of $131.03 and a 12-month high of $187.12. The stock has a market cap of $4.80 billion, a price-to-earnings ratio of 79.95 and a beta of 1.34. The business’s 50-day moving average is $144.31 and its 200 day moving average is $159.85.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $238.10 million for the quarter, compared to analysts’ expectations of $240.29 million. During the same period in the previous year, the firm posted $0.63 EPS. Novanta’s revenue was up 12.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.