Novanta Inc. (NASDAQ:NOVT) Shares Purchased by Geneva Capital Management LLC

Key Points

• Geneva Capital Management LLC increased its stake in Novanta Inc. by 9.5%, acquiring an additional 81,397 shares, bringing its total holdings to 934,035 shares.
• Novanta reported a net revenue of $233.37 million for the quarter, slightly exceeding market expectations and maintaining an EPS of $0.74.
• Wall Street analysts recently upgraded Novanta's rating from "hold" to "buy", reflecting a positive outlook for the stock.

Geneva Capital Management LLC raised its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 934,035 shares of the technology company's stock after purchasing an additional 81,397 shares during the quarter. Novanta accounts for approximately 2.2% of Geneva Capital Management LLC's holdings, making the stock its 15th biggest position. Geneva Capital Management LLC owned about 2.60% of Novanta worth $119,435,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. State of Michigan Retirement System raised its stake in shares of Novanta by 1.2% during the first quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company's stock worth $1,100,000 after purchasing an additional 100 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Novanta by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company's stock valued at $1,291,000 after purchasing an additional 100 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Novanta by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company's stock valued at $537,000 after purchasing an additional 105 shares during the last quarter. State of Wyoming lifted its position in shares of Novanta by 4.4% in the fourth quarter. State of Wyoming now owns 2,536 shares of the technology company's stock valued at $387,000 after acquiring an additional 106 shares in the last quarter. Finally, Huntington National Bank boosted its stake in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after purchasing an additional 150 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a research note on Sunday.

Novanta Stock Down 1.3%

NASDAQ:NOVT traded down $1.44 during trading hours on Thursday, hitting $112.31. The stock had a trading volume of 181,891 shares, compared to its average volume of 280,506. The business has a 50 day simple moving average of $125.82 and a two-hundred day simple moving average of $129.69. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $186.75. The company has a current ratio of 2.54, a quick ratio of 1.70 and a debt-to-equity ratio of 0.57. The company has a market cap of $4.04 billion, a PE ratio of 66.11 and a beta of 1.48.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02. The business had revenue of $241.05 million for the quarter, compared to analysts' expectations of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The company's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.73 earnings per share. Analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta Company 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.