MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Increases Stock Holdings in Novanta Inc. $NOVT

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Novanta Inc. by 9.3%, owning a total of 40,174 shares worth approximately $5.16 million as of the latest SEC filing.
• Novanta's recent quarterly earnings surpassed expectations, with an earnings per share of $0.76 and revenues of $241.05 million, up 2.2% year-over-year.
• The stock's current consensus rating is "Hold" with a target price of $133.00, as recently adjusted by analysts.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 9.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 40,174 shares of the technology company's stock after buying an additional 3,413 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.11% of Novanta worth $5,160,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Novanta by 1.9% during the first quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company's stock worth $62,042,000 after purchasing an additional 9,243 shares during the last quarter. Advantage Alpha Capital Partners LP lifted its stake in Novanta by 163.8% in the first quarter. Advantage Alpha Capital Partners LP now owns 38,823 shares of the technology company's stock valued at $4,964,000 after buying an additional 24,107 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Novanta by 1.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company's stock valued at $88,626,000 after buying an additional 12,921 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Novanta by 0.9% in the first quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock valued at $11,710,000 after purchasing an additional 797 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in shares of Novanta in the first quarter valued at approximately $818,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on NOVT shares. Wall Street Zen lowered Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird dropped their target price on Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a report on Monday, August 11th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Novanta presently has a consensus rating of "Hold" and an average target price of $133.00.

Novanta Price Performance

NASDAQ:NOVT traded up $0.57 during trading hours on Wednesday, hitting $114.83. The company's stock had a trading volume of 48,565 shares, compared to its average volume of 294,121. The business's 50-day moving average is $120.02 and its two-hundred day moving average is $123.51. The company has a market capitalization of $4.13 billion, a PE ratio of 67.33 and a beta of 1.50. 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 released its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share (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 return on equity of 14.70% and a net margin of 6.41%.Novanta's revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.73 earnings per share. 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, research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta Company 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.