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

Key Points

• Bank of New York Mellon increased its Novanta stake by 33.4% in the first quarter, ending with 302,611 shares valued at about $35.7 million.
• Novanta reported better-than-expected quarterly results, with EPS of $0.81 versus $0.78 expected and revenue of $257.71 million, up 10.4% from a year earlier. The company also kept guidance that points to FY 2026 EPS of $3.50 to $3.65.
• Analyst sentiment remains mixed: Wall Street Zen upgraded the stock to buy, but overall consensus is still Hold with a $180 price target. Meanwhile, CEO Matthijs Glastra sold 6,500 shares in a pre-arranged transaction.

Bank of New York Mellon Corp raised its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 33.4% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 302,611 shares of the technology company's stock after acquiring an additional 75,738 shares during the period. Bank of New York Mellon Corp owned approximately 0.85% of Novanta worth $35,741,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in NOVT. Allspring Global Investments Holdings LLC grew its stake in shares of Novanta by 75.9% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,399,462 shares of the technology company's stock worth $155,536,000 after acquiring an additional 604,055 shares during the period. GW&K Investment Management LLC lifted its position in Novanta by 187.3% during the fourth quarter. GW&K Investment Management LLC now owns 736,954 shares of the technology company's stock valued at $87,691,000 after purchasing an additional 480,413 shares during the period. Sculptor Capital LP bought a new position in Novanta during the fourth quarter valued at approximately $51,265,000. Norges Bank purchased a new stake in Novanta in the fourth quarter worth approximately $50,719,000. Finally, Schroder Investment Management Group boosted its holdings in Novanta by 206.1% in the fourth quarter. Schroder Investment Management Group now owns 600,146 shares of the technology company's stock worth $72,540,000 after purchasing an additional 404,097 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Price Performance

NASDAQ NOVT opened at $141.54 on Friday. Novanta Inc. has a 52 week low of $98.27 and a 52 week high of $171.85. The firm has a market capitalization of $5.34 billion, a P/E ratio of 102.57 and a beta of 1.67. The company has a quick ratio of 2.69, a current ratio of 3.56 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $155.63 and a 200-day moving average price of $140.10.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The technology company reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.03. The company had revenue of $257.71 million for the quarter, compared to the consensus estimate of $253.40 million. Novanta had a net margin of 5.35% and a return on equity of 12.06%. The firm's revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.74 earnings per share. Novanta has set its FY 2026 guidance at 3.500-3.650 EPS and its Q2 2026 guidance at 0.810-0.860 EPS. Equities research analysts anticipate that Novanta Inc. will post 3.59 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on NOVT. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Novanta in a research report on Wednesday, July 15th. Robert W. Baird set a $180.00 price target on Novanta in a report on Tuesday, June 9th. Finally, Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a research note on Saturday, June 27th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $180.00.

Insider Buying and Selling

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

About Novanta

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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