Paradice Investment Management LLC increased its stake in Novanta Inc (NASDAQ:NOVT) by 1.2% during the third quarter, according to its most recent filing with the SEC. The fund owned 709,703 shares of the technology company’s stock after buying an additional 8,586 shares during the quarter. Novanta accounts for approximately 4.3% of Paradice Investment Management LLC’s portfolio, making the stock its 9th largest holding. Paradice Investment Management LLC owned 2.02% of Novanta worth $57,997,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the stock. Assetmark Inc. purchased a new stake in Novanta during the second quarter valued at about $26,000. Tower Research Capital LLC TRC purchased a new stake in Novanta during the second quarter valued at about $73,000. Bessemer Group Inc. purchased a new stake in Novanta during the second quarter valued at about $151,000. Russell Investments Group Ltd. purchased a new stake in Novanta during the third quarter valued at about $152,000. Finally, Institute for Wealth Management LLC. purchased a new stake in Novanta during the second quarter valued at about $211,000. 87.35% of the stock is currently owned by institutional investors.
Several equities research analysts have commented on NOVT shares. Zacks Investment Research raised shares of Novanta from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. BidaskClub downgraded shares of Novanta from a “buy” rating to a “hold” rating in a report on Thursday.
Shares of Novanta stock traded down $1.50 on Friday, reaching $80.14. The stock had a trading volume of 115,300 shares, compared to its average volume of 151,535. The company has a market cap of $2.97 billion, a P/E ratio of 37.10 and a beta of 1.48. Novanta Inc has a 1 year low of $57.07 and a 1 year high of $96.31. The company has a current ratio of 2.38, a quick ratio of 1.74 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average is $84.07 and its two-hundred day moving average is $83.13.
Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $154.10 million during the quarter, compared to analyst estimates of $155.04 million. Novanta had a return on equity of 20.01% and a net margin of 6.94%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.61 earnings per share. On average, equities analysts anticipate that Novanta Inc will post 2.17 EPS for the current fiscal year.
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.
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