Congress Asset Management Co. MA boosted its stake in shares of Novanta Inc (NASDAQ:NOVT) by 37.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,676 shares of the technology company’s stock after purchasing an additional 17,195 shares during the period. Congress Asset Management Co. MA owned approximately 0.18% of Novanta worth $5,122,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of NOVT. Invesco Ltd. raised its stake in Novanta by 2,775.1% during the second quarter. Invesco Ltd. now owns 708,599 shares of the technology company’s stock worth $66,821,000 after purchasing an additional 683,953 shares during the period. Wasatch Advisors Inc. purchased a new position in Novanta during the second quarter worth approximately $33,591,000. Nuveen Asset Management LLC purchased a new position in Novanta during the second quarter worth approximately $22,352,000. GW&K Investment Management LLC purchased a new position in Novanta during the second quarter worth approximately $17,422,000. Finally, Waddell & Reed Financial Inc. raised its stake in Novanta by 123.4% during the second quarter. Waddell & Reed Financial Inc. now owns 270,201 shares of the technology company’s stock worth $25,480,000 after purchasing an additional 149,244 shares during the period. 89.37% of the stock is currently owned by institutional investors.
A number of equities analysts have weighed in on NOVT shares. BidaskClub raised shares of Novanta from a “hold” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research raised shares of Novanta from a “sell” rating to a “hold” rating in a research note on Wednesday, October 9th.
Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, November 5th. The technology company reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. The business had revenue of $154.10 million for the quarter, compared to the consensus estimate of $155.04 million. Novanta had a net margin of 6.94% and a return on equity of 20.01%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.61 EPS. As a group, research analysts anticipate that Novanta Inc will post 2.14 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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