Intech Investment Management LLC Acquires 3,688 Shares of Novanta Inc. $NOVT

Key Points

• Intech Investment Management LLC increased its stake in Novanta Inc. by 24.6%, acquiring an additional 3,688 shares to own a total of 18,687 shares valued at approximately $2.39 million.
• Other institutional investors also expanded their holdings in Novanta, with Deutsche Bank AG increasing its stake by 57.5% and Lazard Asset Management LLC boosting theirs by 220.6% in the last quarter.
• Recent analyst evaluations included a downgrade by Wall Street Zen from "buy" to "hold", with an average price target for Novanta set at $133.00.

Intech Investment Management LLC grew its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 24.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,687 shares of the technology company's stock after purchasing an additional 3,688 shares during the period. Intech Investment Management LLC owned about 0.05% of Novanta worth $2,390,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Parallel Advisors LLC lifted its stake in Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after purchasing an additional 214 shares during the last quarter. SVB Wealth LLC bought a new position in Novanta in the 1st quarter valued at approximately $48,000. GAMMA Investing LLC lifted its stake in Novanta by 146.0% in the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after purchasing an additional 238 shares during the last quarter. CWM LLC lifted its stake in Novanta by 329.8% in the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares during the last quarter. Finally, Signaturefd LLC raised its stake in shares of Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after acquiring an additional 184 shares during the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Novanta Trading Down 2.2%

Shares of NASDAQ:NOVT traded down $2.53 during midday trading on Friday, reaching $114.69. 663,741 shares of the company's stock were exchanged, compared to its average volume of 319,410. The firm's 50 day simple moving average is $118.95 and its two-hundred day simple moving average is $123.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 67.47 and a beta of 1.50. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $184.11.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.02. The business had revenue of $241.05 million during the quarter, compared to analysts' expectations of $237.97 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The business's quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business 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. As a group, sell-side analysts forecast that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta announced that its board has approved a share buyback program on Thursday, September 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NOVT. Robert W. Baird reduced their price target on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a report on Monday, August 11th. Wall Street Zen cut shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Hold rating, According to MarketBeat, Novanta has a consensus 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.