Sawgrass Asset Management LLC Raises Position in Novanta Inc (NOVT)

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Sawgrass Asset Management LLC increased its position in shares of Novanta Inc (NASDAQ:NOVT) by 153.5% during the first quarter, Holdings Channel reports. The fund owned 21,385 shares of the technology company’s stock after buying an additional 12,950 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Novanta were worth $1,812,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Bank of Montreal Can grew its position in Novanta by 106.3% during the 4th quarter. Bank of Montreal Can now owns 462 shares of the technology company’s stock worth $29,000 after acquiring an additional 238 shares during the last quarter. Strs Ohio bought a new stake in Novanta during the 4th quarter worth $31,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Novanta in the 4th quarter valued at about $75,000. Amundi Pioneer Asset Management Inc. bought a new stake in shares of Novanta in the 4th quarter valued at about $202,000. Finally, BB&T Corp bought a new stake in shares of Novanta in the 1st quarter valued at about $227,000. Institutional investors and hedge funds own 86.52% of the company’s stock.

In related news, CAO Peter L. Chang sold 5,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $81.14, for a total transaction of $405,700.00. Following the sale, the chief accounting officer now owns 24,760 shares in the company, valued at approximately $2,009,026.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.90% of the stock is owned by corporate insiders.

Shares of NASDAQ NOVT traded down $1.02 during trading on Friday, reaching $83.05. The company had a trading volume of 14,114 shares, compared to its average volume of 150,356. Novanta Inc has a 12 month low of $55.68 and a 12 month high of $89.78. The firm has a market capitalization of $2.92 billion, a PE ratio of 38.45 and a beta of 1.46. The company has a current ratio of 2.83, a quick ratio of 1.78 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.04. Novanta had a return on equity of 19.26% and a net margin of 7.92%. The firm had revenue of $157.20 million for the quarter, compared to analyst estimates of $155.85 million. During the same quarter in the previous year, the company posted $0.47 EPS. The business’s revenue was up 6.9% on a year-over-year basis. As a group, analysts forecast that Novanta Inc will post 2.41 earnings per share for the current fiscal year.

A number of equities research analysts have commented on NOVT shares. BidaskClub upgraded Novanta from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 2nd. Zacks Investment Research lowered Novanta from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 5th. Finally, Robert W. Baird upped their price target on Novanta from $61.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, February 28th.

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About Novanta

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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Institutional Ownership by Quarter for Novanta (NASDAQ:NOVT)

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