Putnam Investments LLC Has $14.08 Million Stock Position in Novanta Inc. (NASDAQ:NOVT)

Posted by Defense World Staff on Sep 16th, 2023

Putnam Investments LLC decreased its holdings in shares of Novanta Inc. (NASDAQ:NOVT – Free Report) by 4.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,477 shares of the technology company’s stock after selling 3,899 shares during the quarter. Putnam Investments LLC owned approximately 0.25% of Novanta worth $14,076,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Ellevest Inc. boosted its holdings in shares of Novanta by 39.8% during the 1st quarter. Ellevest Inc. now owns 355 shares of the technology company’s stock worth $56,000 after buying an additional 101 shares during the period. Assetmark Inc. boosted its holdings in shares of Novanta by 29.9% during the 4th quarter. Assetmark Inc. now owns 369 shares of the technology company’s stock worth $50,000 after buying an additional 85 shares during the period. Point72 Middle East FZE bought a new stake in shares of Novanta during the 4th quarter worth $57,000. Itau Unibanco Holding S.A. bought a new stake in Novanta in the 1st quarter valued at $69,000. Finally, Heritage Wealth Management LLC boosted its holdings in Novanta by 100.0% in the 4th quarter. Heritage Wealth Management LLC now owns 470 shares of the technology company’s stock valued at $64,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 96.84% of the company’s stock.

Insider Activity

In other news, CFO Robert Buckley sold 3,000 shares of the stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $160.20, for a total value of $480,600.00. Following the completion of the transaction, the chief financial officer now owns 136,556 shares in the company, valued at approximately $21,876,271.20. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on shares of Novanta in a report on Thursday, August 17th. They issued a “hold” rating for the company.

Read Our Latest Stock Analysis on Novanta

Novanta Price Performance

Shares of Novanta stock opened at $156.59 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 3.05 and a quick ratio of 1.85. Novanta Inc. has a fifty-two week low of $111.02 and a fifty-two week high of $187.60. The firm has a fifty day moving average price of $165.73 and a two-hundred day moving average price of $162.49. The company has a market cap of $5.61 billion, a PE ratio of 73.17 and a beta of 1.28.

Novanta (NASDAQ:NOVT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 8th. The technology company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08. Novanta had a net margin of 8.64% and a return on equity of 19.05%. The firm had revenue of $229.46 million during the quarter, compared to the consensus estimate of $225.50 million. During the same period in the prior year, the firm earned $0.78 EPS. The business’s revenue was up 6.6% on a year-over-year basis. Analysts expect that Novanta Inc. will post 3.06 EPS for the current year.

Novanta Profile

(Free Report)

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion in the United States and internationally. The company operates through three segments: Photonics, Vision, and Precision Motion. The Photonics segment offers photonics-based solutions, including laser scanning, beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products serving photonics-based applications for industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.