Bank of New York Mellon Corp Purchases Shares of 344,710 Novanta Inc. $NOVT

Key Points

• Bank of New York Mellon initiated a position of 344,710 Novanta shares worth approximately $55.9 million, representing about 0.91% of the company. Institutional investors collectively own 98.35% of NOVT.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus “Buy” rating and an average price target of $194, with recent upgrades from Wall Street Zen and Zacks Research.
• Novanta exceeded quarterly expectations, reporting $0.89 in EPS versus $0.83 expected and $265.8 million in revenue, up 10.3% year over year. The stock opened at $143.96, while CEO Matthijs Glastra separately sold 6,500 shares under a pre-arranged trading plan.

Bank of New York Mellon Corp bought a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 344,710 shares of the technology company's stock, valued at approximately $55,926,000. Bank of New York Mellon Corp owned about 0.91% of Novanta as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NOVT. Danske Bank A S acquired a new position in Novanta in the third quarter valued at about $40,000. Allworth Financial LP raised its position in shares of Novanta by 978.4% during the fourth quarter. Allworth Financial LP now owns 399 shares of the technology company's stock worth $47,000 after purchasing an additional 362 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Novanta by 120.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 427 shares of the technology company's stock valued at $51,000 after buying an additional 233 shares during the period. ANTIPODES PARTNERS Ltd bought a new position in Novanta during the 4th quarter worth about $53,000. Finally, Harbor Investment Advisory LLC bought a new position in Novanta in the second quarter valued at $54,000. 98.35% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NOVT has been the topic of several research reports. Weiss Ratings reiterated a "hold (c-)" rating on shares of Novanta in a report on Wednesday, July 15th. Wall Street Zen raised Novanta from a "hold" rating to a "buy" rating in a research report on Sunday, August 9th. Zacks Research raised Novanta from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 14th. Finally, Robert W. Baird set a $194.00 target price on Novanta in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $194.00.

Novanta Trading Up 3.1%

NASDAQ:NOVT opened at $143.96 on Thursday. Novanta Inc. has a 12 month low of $98.27 and a 12 month high of $176.38. The stock has a market cap of $5.44 billion, a price-to-earnings ratio of 92.28 and a beta of 1.68. The company has a current ratio of 4.57, a quick ratio of 3.79 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average price of $152.72 and a 200-day moving average price of $143.32.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results on Wednesday, August 5th. The technology company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.06. The company had revenue of $265.81 million for the quarter, compared to analysts' expectations of $262.30 million. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The firm's quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted $0.76 earnings per share. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. Equities analysts predict that Novanta Inc. will post 3.7 EPS for the current year.

Insider Transactions at Novanta

In other Novanta news, CEO Matthijs Glastra sold 6,500 shares of the business's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $161.13, for a total transaction of $1,047,345.00. Following the completion of the transaction, the chief executive officer owned 29,761 shares in the company, valued at $4,795,389.93. The trade was a 17.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.20% of the stock is currently owned by corporate insiders.

Novanta Company Profile

Novanta, Inc NASDAQ: NOVT is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta's product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta's Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.

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