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

Bank of New York Mellon Corp lifted its position in Novanta Inc. (NASDAQ:NOVT) by 9.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor 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’s holdings in Novanta were worth $37,142,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in shares of Novanta by 1.9% in the 1st quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company’s stock worth $62,042,000 after purchasing an additional 9,243 shares in the last quarter. Advantage Alpha Capital Partners LP boosted its position in shares of Novanta by 163.8% during the first quarter. Advantage Alpha Capital Partners LP now owns 38,823 shares of the technology company’s stock valued at $4,964,000 after buying an additional 24,107 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Novanta by 1.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company’s stock worth $88,626,000 after buying an additional 12,921 shares in the last quarter. Quantbot Technologies LP increased its holdings in Novanta by 39.9% in the 1st quarter. Quantbot Technologies LP now owns 19,999 shares of the technology company’s stock worth $2,557,000 after buying an additional 5,704 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Novanta in the 1st quarter worth about $16,075,000. Institutional investors own 98.35% of the company’s stock.

Analyst Upgrades and Downgrades

NOVT has been the topic of a number of recent analyst reports. Weiss Ratings downgraded shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a report on Saturday, October 25th. Zacks Research upgraded shares of Novanta from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Robert W. Baird decreased their target price on shares of Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a research note on Monday, August 11th. Finally, Wall Street Zen cut Novanta from a “buy” rating to a “hold” rating in a report on Monday, August 11th. Two 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.com, Novanta presently has a consensus rating of “Reduce” and an average price target of $133.00.

Novanta Stock Performance

Shares of NOVT opened at $110.40 on Thursday. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $175.92. 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 stock has a market cap of $3.95 billion, a price-to-earnings ratio of 64.94 and a beta of 1.54. The business has a 50-day simple moving average of $112.41 and a two-hundred day simple moving average of $119.59.

Novanta (NASDAQ:NOVT) last announced 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. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The company had revenue of $247.84 million during the quarter, compared to the consensus estimate of $245.95 million. During the same period in the previous year, the company posted $0.85 EPS. The firm’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. On average, analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Novanta announced that its Board of Directors has approved a stock buyback 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 repurchase up to 4.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors 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.