Bank of New York Mellon Corp Raises Position in Novanta Inc. $NOVT

Bank of New York Mellon Corp increased its stake in Novanta Inc. (NASDAQ:NOVT) by 9.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 288,077 shares of the technology company’s stock after acquiring an additional 25,677 shares during the period. Bank of New York Mellon Corp owned about 0.80% of Novanta worth $37,142,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. SVB Wealth LLC purchased a new stake in shares of Novanta during the first quarter worth about $48,000. CWM LLC grew its position in shares of Novanta by 329.8% in the 1st quarter. CWM LLC now owns 404 shares of the technology company’s stock worth $52,000 after buying an additional 310 shares during the last quarter. Signaturefd LLC increased its stake in shares of Novanta by 80.0% during the first 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. Summit Securities Group LLC bought a new position in shares of Novanta during the first quarter valued at approximately $62,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Novanta by 58.3% during the first quarter. Caitong International Asset Management Co. Ltd now owns 657 shares of the technology company’s stock valued at $84,000 after acquiring an additional 242 shares in the last quarter. Hedge funds and other institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

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

Novanta Trading Up 3.4%

NASDAQ:NOVT opened at $110.40 on Thursday. The firm has a market capitalization of $3.95 billion, a P/E ratio of 64.94 and a beta of 1.54. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. Novanta Inc. has a one year low of $98.76 and a one year high of $175.92. The company’s 50-day simple moving average is $112.41 and its 200 day simple moving average is $119.59.

Novanta (NASDAQ:NOVT) last released its earnings results on Monday, November 3rd. The technology company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.06. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The firm had revenue of $247.84 million during the quarter, compared to analyst estimates of $245.95 million. During the same period last year, the business earned $0.85 earnings per share. The business’s revenue was up 1.4% on a year-over-year basis. 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, analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta announced that its board has approved a share repurchase program on Thursday, September 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is 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.