Kornitzer Capital Management Inc. KS Buys 25,840 Shares of Novanta Inc. (NASDAQ:NOVT)

Kornitzer Capital Management Inc. KS increased its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 77.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 59,255 shares of the technology company's stock after acquiring an additional 25,840 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.16% of Novanta worth $7,577,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in shares of Novanta by 0.9% in the 1st quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock valued at $11,710,000 after purchasing an additional 797 shares during the last quarter. Teacher Retirement System of Texas bought a new stake in Novanta in the first quarter valued at approximately $818,000. GAMMA Investing LLC raised its holdings in Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after purchasing an additional 238 shares during the period. Parallel Advisors LLC boosted its position in shares of Novanta by 1,426.7% during the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after purchasing an additional 214 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Novanta in the 4th quarter valued at $3,681,000. 98.35% of the stock is currently owned by institutional investors.

Novanta Stock Up 0.9%

Shares of NOVT stock traded up $1.14 during trading hours on Thursday, hitting $126.24. 129,408 shares of the company were exchanged, compared to its average volume of 223,664. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The company has a current ratio of 2.56, a quick ratio of 1.70 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average of $126.76 and a two-hundred day moving average of $132.52. The company has a market capitalization of $4.54 billion, a PE ratio of 64.41 and a beta of 1.45.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.06. The company had revenue of $233.37 million during the quarter, compared to analysts' expectations of $233.34 million. Novanta had a net margin of 7.42% and a return on equity of 15.06%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the business earned $0.74 EPS. Analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a research report on Friday, June 6th.

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.