Cibc World Markets Corp Buys Shares of 3,357 Novanta Inc. (NASDAQ:NOVT)

Cibc World Markets Corp acquired a new position in Novanta Inc. (NASDAQ:NOVT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,357 shares of the technology company’s stock, valued at approximately $513,000.

Other institutional investors have also recently made changes to their positions in the company. Empowered Funds LLC acquired a new stake in shares of Novanta in the 4th quarter worth $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Novanta in the 4th quarter worth $97,000. Venturi Wealth Management LLC boosted its position 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 worth $111,000 after purchasing an additional 715 shares in the last quarter. Associated Banc Corp acquired a new stake in shares of Novanta in the 3rd quarter worth $209,000. Finally, Hardy Reed LLC acquired a new stake in shares of Novanta in the 3rd quarter worth $211,000. Institutional investors and hedge funds 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 for the company in a research report on Monday, March 3rd.

Novanta Stock Performance

Shares of NOVT opened at $133.52 on Friday. The stock has a 50-day moving average of $144.31 and a two-hundred day moving average of $159.85. Novanta Inc. has a one year low of $131.03 and a one year high of $187.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The stock has a market cap of $4.80 billion, a P/E ratio of 79.95 and a beta of 1.34.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $238.10 million during the quarter, compared to analysts’ expectations of $240.29 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.63 EPS. As a group, research analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta 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.