2,525 Shares in Novanta Inc. $NOVT Bought by Truist Financial Corp

Key Points

• Truist Financial Corp acquired a new position in Novanta Inc., purchasing 2,525 shares valued at approximately $326,000.
• Novanta's most recent earnings report showed an EPS of $0.76, surpassing the anticipated $0.74, with revenue of $241.05 million for the quarter.
• The company's board has initiated a share repurchase program allowing for the repurchase of up to $200 million in shares, indicating management's belief in the stock's undervaluation.

Truist Financial Corp bought a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,525 shares of the technology company's stock, valued at approximately $326,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in shares of Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after buying an additional 238 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Novanta by 2.6% in the first 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 in the last quarter. WoodTrust Financial Corp lifted its stake in shares of Novanta by 11.5% in the first quarter. WoodTrust Financial Corp now owns 2,433 shares of the technology company's stock valued at $311,000 after buying an additional 250 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of Novanta by 4.0% in the first quarter. Bessemer Group Inc. now owns 151,430 shares of the technology company's stock valued at $19,362,000 after buying an additional 5,818 shares in the last quarter. Finally, Diversified Trust Co lifted its stake in shares of Novanta by 47.0% in the first quarter. Diversified Trust Co now owns 6,293 shares of the technology company's stock valued at $805,000 after buying an additional 2,011 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Price Performance

Shares of Novanta stock opened at $105.56 on Friday. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 62.09 and a beta of 1.49. The company has a fifty day moving average of $111.60 and a 200-day moving average of $118.71. 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 Inc. has a 52-week low of $98.76 and a 52-week high of $184.11.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.74 by $0.02. The firm had revenue of $241.05 million during the quarter, compared to analysts' expectations of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The company's quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $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 research analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Novanta declared that its board has initiated a share repurchase program on Thursday, September 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 4.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Novanta in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Robert W. Baird dropped their price objective on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a research note on Monday, August 11th. Finally, Zacks Research raised shares of Novanta from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Novanta presently has a consensus rating of "Hold" and a consensus target price 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.

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