Northern Trust Corp Sells 20,296 Shares of Novanta Inc. $NOVT

Key Points

• Northern Trust Corp reduced its stake in Novanta Inc. by 4.2%, selling 20,296 shares and retaining approximately 1.30% ownership valued at $59.77 million.
• Novanta reported earnings of $0.76 per share for the recent quarter, exceeding the consensus estimate of $0.74, with revenues rising to $241.05 million from $237.97 million expectations.
• Research downgrades for Novanta include a price target cut from $139 to $133 by Robert W. Baird, indicating a neutral stance on the stock's outlook.

Northern Trust Corp cut its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 4.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 467,392 shares of the technology company's stock after selling 20,296 shares during the quarter. Northern Trust Corp owned about 1.30% of Novanta worth $59,765,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in NOVT. Parallel Advisors LLC raised its holdings in Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock worth $29,000 after purchasing an additional 214 shares in the last quarter. Johnson Financial Group Inc. raised its holdings in Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after purchasing an additional 270 shares in the last quarter. GAMMA Investing LLC raised its holdings in Novanta by 146.0% in the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after purchasing an additional 238 shares in the last quarter. CWM LLC raised its holdings in Novanta by 329.8% in the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock worth $52,000 after purchasing an additional 310 shares in the last quarter. Finally, Signaturefd LLC increased its stake in shares of Novanta by 80.0% in the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company's stock worth $53,000 after acquiring an additional 184 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Novanta Trading Down 0.6%

Shares of NASDAQ NOVT opened at $117.97 on Wednesday. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $186.14. The stock has a market cap of $4.24 billion, a P/E ratio of 69.39 and a beta of 1.48. The firm has a 50-day moving average of $123.73 and a 200 day moving average of $126.58. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its earnings results 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 business 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 business's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $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, sell-side analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Analyst Ratings Changes

NOVT has been the subject of a number of recent research reports. Robert W. Baird lowered their price target on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research report on Monday, August 11th. Wall Street Zen cut shares of Novanta from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of "Hold" and an average 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.

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