Commonwealth of Pennsylvania Public School Empls Retrmt SYS Purchases 655 Shares of Novanta Inc. $NOVT

Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Novanta Inc. (NASDAQ:NOVT) by 7.6% in the second quarter, HoldingsChannel reports. The fund owned 9,242 shares of the technology company’s stock after acquiring an additional 655 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Novanta were worth $1,192,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. SVB Wealth LLC acquired a new stake in shares of Novanta in the first quarter valued at approximately $48,000. CWM LLC grew its position in Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company’s stock valued at $52,000 after purchasing an additional 310 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Novanta in the 2nd quarter valued at $52,000. Summit Securities Group LLC bought a new stake in Novanta during the 1st quarter worth about $62,000. Finally, Huntington National Bank boosted its stake in shares of Novanta by 65.7% during the 2nd quarter. Huntington National Bank now owns 492 shares of the technology company’s stock worth $63,000 after buying an additional 195 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Price Performance

Shares of NASDAQ NOVT opened at $106.51 on Friday. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average price is $110.64 and its two-hundred day moving average price is $118.79. The company has a market cap of $3.81 billion, a PE ratio of 62.65 and a beta of 1.54. Novanta Inc. has a twelve month low of $98.27 and a twelve month high of $175.83.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Monday, November 3rd. The technology company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.06. The company had revenue of $247.84 million during the quarter, compared to analysts’ expectations of $245.95 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The business’s revenue was up 1.4% on a year-over-year basis. During the same period last year, the firm posted $0.85 earnings per share. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS. Q4 2025 guidance at 0.870-0.930 EPS. On average, analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta declared that its Board of Directors has authorized a stock buyback plan on Thursday, September 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

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

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.