Zions Bancorporation National Association UT Decreases Stock Holdings in Novanta Inc. $NOVT

Zions Bancorporation National Association UT lowered its stake in shares of Novanta Inc. (NASDAQ:NOVT) by 6.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 13,950 shares of the technology company’s stock after selling 960 shares during the period. Zions Bancorporation National Association UT’s holdings in Novanta were worth $1,799,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in NOVT. SVB Wealth LLC purchased a new position in shares of Novanta during the first quarter valued at approximately $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Novanta during the 2nd quarter valued at $52,000. CWM LLC raised its stake in Novanta by 329.8% during the 1st quarter. CWM LLC now owns 404 shares of the technology company’s stock valued at $52,000 after buying an additional 310 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Novanta by 80.0% during the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock valued at $53,000 after buying an additional 184 shares during the period. Finally, Summit Securities Group LLC purchased a new position in shares of Novanta in the 1st quarter worth $62,000. 98.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

NOVT has been the subject of a number of research reports. Zacks Research upgraded Novanta from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Wall Street Zen lowered shares of Novanta from a “buy” rating to a “hold” rating in a research report on Monday, August 11th. Robert W. Baird lowered their price objective on shares of Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a research note on Monday, August 11th. Finally, Weiss Ratings cut shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $133.00.

Novanta Trading Down 1.7%

Shares of NASDAQ:NOVT opened at $105.45 on Monday. The stock has a 50 day moving average of $112.81 and a 200 day moving average of $119.86. The company has a market cap of $3.77 billion, a PE ratio of 62.03 and a beta of 1.54. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $183.85. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

Novanta (NASDAQ:NOVT) last released its earnings results on Monday, November 3rd. The technology company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The company had revenue of $247.84 million for the quarter, compared to analysts’ expectations of $245.95 million. During the same quarter last year, the business earned $0.85 EPS. The firm’s revenue was up 1.4% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS. Q4 2025 guidance at 0.870-0.930 EPS. As a group, equities research analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Novanta declared that its board has authorized a share repurchase plan on Thursday, September 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Novanta 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.