Novanta (NOVT) Rating Lowered to Hold at Zacks Investment Research

Novanta (NASDAQ:NOVT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

According to Zacks, “Novanta Inc. designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical equipment and advanced industrial technology markets. Novanta Inc., formerly known as GSI Group Inc., is based in Bedford, Massachusetts. “

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Several other research firms also recently weighed in on NOVT. BidaskClub raised shares of Novanta from a “sell” rating to a “hold” rating in a report on Wednesday, November 7th. ValuEngine raised shares of Novanta from a “hold” rating to a “buy” rating in a report on Wednesday, October 31st. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $68.00.

Shares of NOVT opened at $74.93 on Friday. Novanta has a 1 year low of $49.60 and a 1 year high of $78.85. The firm has a market cap of $2.58 billion, a PE ratio of 46.83 and a beta of 1.50. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.89 and a quick ratio of 1.97.

A number of hedge funds have recently bought and sold shares of the stock. Amalgamated Bank acquired a new stake in Novanta in the fourth quarter worth about $304,000. Millennium Management LLC acquired a new stake in Novanta in the fourth quarter worth about $949,000. Legal & General Group Plc lifted its holdings in Novanta by 2.1% in the fourth quarter. Legal & General Group Plc now owns 175,222 shares of the technology company’s stock worth $11,038,000 after purchasing an additional 3,570 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Novanta by 0.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 73,373 shares of the technology company’s stock worth $4,623,000 after purchasing an additional 269 shares during the period. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in Novanta in the fourth quarter worth about $202,000. 83.12% of the stock is owned by institutional investors and hedge funds.

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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