US Bancorp DE Acquires 378 Shares of Novanta Inc. $NOVT

US Bancorp DE lifted its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 9.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,525 shares of the technology company’s stock after purchasing an additional 378 shares during the period. US Bancorp DE’s holdings in Novanta were worth $583,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Louisiana State Employees Retirement System grew its holdings in shares of Novanta by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company’s stock valued at $1,291,000 after purchasing an additional 100 shares during the last quarter. State of Michigan Retirement System boosted its position in Novanta by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company’s stock valued at $1,100,000 after buying an additional 100 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Novanta by 4.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company’s stock valued at $304,000 after buying an additional 103 shares during the period. State of Alaska Department of Revenue boosted its position in Novanta by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company’s stock valued at $537,000 after buying an additional 105 shares during the period. Finally, Harbor Investment Advisory LLC boosted its position in Novanta by 29.0% during the 2nd quarter. Harbor Investment Advisory LLC now owns 671 shares of the technology company’s stock valued at $87,000 after buying an additional 151 shares during the period. Institutional investors own 98.35% of the company’s stock.

Novanta Trading Down 1.0%

NASDAQ:NOVT opened at $105.56 on Monday. The company has a 50-day moving average price of $111.60 and a 200-day moving average price of $118.66. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $184.11. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57. The stock has a market cap of $3.80 billion, a price-to-earnings ratio of 62.09 and a beta of 1.49.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.02. The company had revenue of $241.05 million during the quarter, compared to analyst estimates of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. Novanta’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.73 EPS. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Equities analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Novanta declared that its Board of Directors has initiated a stock buyback program on Thursday, September 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 4.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Novanta from a “buy” rating to a “hold” rating in a research report on Monday, August 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Novanta in a research report on Wednesday, October 8th. Robert W. Baird dropped their target price on shares of Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a research report on Monday, August 11th. Finally, Zacks Research raised shares of Novanta from a “strong sell” rating to a “hold” rating in a research report on Monday, October 6th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Novanta currently has an average rating of “Hold” and a consensus price target of $133.00.

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.