Schroder Investment Management Group Sells 44,845 Shares of Novanta Inc. $NOVT

by · The Markets Daily

Schroder Investment Management Group lowered its position in Novanta Inc. (NASDAQ:NOVT – Free Report) by 16.9% in the 2nd quarter, Holdings Channel reports. The fund owned 220,838 shares of the technology company’s stock after selling 44,845 shares during the quarter. Schroder Investment Management Group’s holdings in Novanta were worth $28,473,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in NOVT. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Novanta by 4.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company’s stock worth $304,000 after purchasing an additional 103 shares in the last quarter. Harbor Investment Advisory LLC grew its position in shares of Novanta by 29.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 671 shares of the technology company’s stock worth $87,000 after buying an additional 151 shares during the period. Huntington National Bank grew its position in shares of Novanta by 65.7% in 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 period. Caitong International Asset Management Co. Ltd increased its stake in shares of Novanta by 58.3% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 657 shares of the technology company’s stock worth $84,000 after acquiring an additional 242 shares in the last quarter. Finally, Retirement Systems of Alabama increased its stake in shares of Novanta by 0.6% in the 2nd quarter. Retirement Systems of Alabama now owns 43,964 shares of the technology company’s stock worth $5,668,000 after acquiring an additional 244 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Novanta Stock Up 0.9%

Shares of Novanta stock opened at $112.52 on Wednesday. The company has a 50-day simple moving average of $110.40 and a two-hundred day simple moving average of $117.96. The stock has a market capitalization of $4.03 billion, a PE ratio of 66.19 and a beta of 1.54. Novanta Inc. has a 52-week low of $98.27 and a 52-week high of $173.16. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54.

Novanta (NASDAQ:NOVT – Get Free Report) last announced its quarterly earnings results on Monday, November 3rd. The technology company reported $0.87 earnings per share 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 company had revenue of $247.84 million during the quarter, compared to the consensus estimate of $245.95 million. During the same quarter last year, the firm earned $0.85 earnings per share. The firm’s quarterly 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 and its Q4 2025 guidance at 0.870-0.930 EPS. On average, analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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

Analysts Set New Price Targets

Several research firms recently commented on NOVT. Wall Street Zen lowered shares of Novanta from a “buy” rating to a “hold” rating in a research note 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. Robert W. Baird dropped their price target on Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a research report on Monday, August 11th. Finally, Zacks Research upgraded Novanta from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $133.00.

Get Our Latest Analysis on Novanta

Novanta Profile

(Free Report)

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.

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