JPMorgan Chase & Co. Boosts Position in Novanta Inc (NOVT)
JPMorgan Chase & Co. boosted its holdings in Novanta Inc (NASDAQ:NOVT) by 132,342.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 27,813 shares of the technology company’s stock after purchasing an additional 27,792 shares during the quarter. JPMorgan Chase & Co.’s holdings in Novanta were worth $1,209,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of NOVT. Royal Bank of Canada raised its holdings in Novanta by 111.7% in the second quarter. Royal Bank of Canada now owns 1,123,130 shares of the technology company’s stock valued at $40,432,000 after buying an additional 592,541 shares during the period. Bamco Inc. NY purchased a new position in Novanta in the second quarter valued at approximately $5,832,000. Artisan Partners Limited Partnership purchased a new position in Novanta in the second quarter valued at approximately $4,450,000. Renaissance Technologies LLC raised its holdings in Novanta by 14.2% in the second quarter. Renaissance Technologies LLC now owns 890,300 shares of the technology company’s stock valued at $32,051,000 after buying an additional 110,800 shares during the period. Finally, Susquehanna International Group LLP raised its holdings in Novanta by 778.8% in the second quarter. Susquehanna International Group LLP now owns 75,581 shares of the technology company’s stock valued at $2,721,000 after buying an additional 66,981 shares during the period. Hedge funds and other institutional investors own 79.00% of the company’s stock.
Several research analysts recently commented on NOVT shares. BidaskClub lowered shares of Novanta from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Robert W. Baird started coverage on shares of Novanta in a report on Thursday, December 7th. They issued an “outperform” rating and a $54.00 price target on the stock.
Novanta Inc (NASDAQ:NOVT) opened at $53.50 on Friday. Novanta Inc has a 1-year low of $21.55 and a 1-year high of $55.10. The company has a debt-to-equity ratio of 0.76, a current ratio of 2.93 and a quick ratio of 2.00. The company has a market cap of $1,850.00, a P/E ratio of 31.85 and a beta of 1.27.
Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Novanta had a net margin of 12.45% and a return on equity of 18.29%. The firm had revenue of $146.30 million for the quarter, compared to analyst estimates of $132.10 million. During the same quarter last year, the firm posted $0.29 earnings per share. Novanta’s revenue for the quarter was up 49.5% compared to the same quarter last year. equities analysts expect that Novanta Inc will post 1.58 EPS for the current fiscal year.
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Novanta Company 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.
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