American International Group Inc. lifted its stake in Novanta Inc (NASDAQ:NOVT) by 8.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,478 shares of the technology company’s stock after buying an additional 1,606 shares during the period. American International Group Inc. owned approximately 0.06% of Novanta worth $936,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Thompson Davis & CO. Inc. boosted its stake in shares of Novanta by 1,500.0% in the second quarter. Thompson Davis & CO. Inc. now owns 4,000 shares of the technology company’s stock valued at $144,000 after buying an additional 3,750 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Novanta by 2,150.3% in the second quarter. BNP Paribas Arbitrage SA now owns 4,073 shares of the technology company’s stock valued at $147,000 after buying an additional 3,892 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Novanta by 19.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,822 shares of the technology company’s stock valued at $210,000 after buying an additional 938 shares during the period. Virginia Retirement Systems ET AL bought a new stake in shares of Novanta in the second quarter valued at approximately $238,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Novanta by 17.6% in the second quarter. Victory Capital Management Inc. now owns 6,843 shares of the technology company’s stock valued at $246,000 after buying an additional 1,024 shares during the period. Institutional investors and hedge funds own 79.00% of the company’s stock.

Shares of Novanta Inc (NOVT) opened at $51.30 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.00 and a current ratio of 2.93. Novanta Inc has a 12 month low of $20.13 and a 12 month high of $55.10. The firm has a market capitalization of $1,790.00, a price-to-earnings ratio of 33.68 and a beta of 1.26.

Novanta (NASDAQ:NOVT) last released its earnings results on Wednesday, November 1st. The technology company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. Novanta had a return on equity of 18.29% and a net margin of 12.45%. The firm had revenue of $146.30 million during the quarter, compared to analysts’ expectations of $132.10 million. During the same period in the prior year, the company earned $0.29 earnings per share. The company’s quarterly revenue was up 49.5% on a year-over-year basis. equities analysts anticipate that Novanta Inc will post 1.58 EPS for the current fiscal year.

In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the completion of the sale, the director now directly owns 1,711,648 shares in the company, valued at $89,947,102.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.30% of the stock is owned by corporate insiders.

Several equities research analysts recently issued reports on the company. BidaskClub upgraded Novanta from a “hold” rating to a “buy” rating in a research note on Tuesday, December 12th. Robert W. Baird assumed coverage on Novanta in a research note on Thursday, December 7th. They issued an “outperform” rating and a $54.00 price target for the company.

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Novanta Profile

Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.

Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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