Novanta Inc. (NOVT) Shares Bought by Comerica Bank
Comerica Bank grew its stake in Novanta Inc. (NASDAQ:NOVT) by 10.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,319 shares of the technology company’s stock after acquiring an additional 4,322 shares during the period. Comerica Bank owned 0.13% of Novanta worth $2,059,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the business. Thompson Davis & CO. Inc. boosted its stake in shares of Novanta by 1,500.0% during the second quarter. Thompson Davis & CO. Inc. now owns 4,000 shares of the technology company’s stock valued at $144,000 after purchasing an additional 3,750 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Novanta by 2,150.3% during the second quarter. BNP Paribas Arbitrage SA now owns 4,073 shares of the technology company’s stock valued at $147,000 after purchasing an additional 3,892 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Novanta by 19.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,822 shares of the technology company’s stock valued at $210,000 after purchasing an additional 938 shares in the last quarter. Prudential Financial Inc. bought a new position in shares of Novanta during the third quarter valued at approximately $269,000. Finally, Virginia Retirement Systems ET AL bought a new position in shares of Novanta during the second quarter valued at approximately $238,000. Institutional investors and hedge funds own 79.03% of the company’s stock.
In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of the firm’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $52.55, for a total value of $26,275,000.00. Following the completion of the transaction, the director now owns 1,711,648 shares of the company’s stock, valued at $89,947,102.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 8.30% of the company’s stock.
Shares of Novanta Inc. (NASDAQ:NOVT) opened at $48.10 on Friday. Novanta Inc. has a 52-week low of $19.85 and a 52-week high of $55.10. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.00 and a current ratio of 2.93. The company has a market cap of $1,843.76, a P/E ratio of 35.07 and a beta of 1.29.
Novanta (NASDAQ:NOVT) last posted its earnings results on Wednesday, November 1st. The technology company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. Novanta had a net margin of 12.45% and a return on equity of 18.29%. The company had revenue of $146.30 million during the quarter, compared to analysts’ expectations of $132.10 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. Novanta’s revenue for the quarter was up 49.5% compared to the same quarter last year. equities analysts forecast that Novanta Inc. will post 1.56 EPS for the current fiscal year.
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Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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