Invesco Ltd. raised its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,403 shares of the technology company's stock after purchasing an additional 2,364 shares during the period. Invesco Ltd. owned 0.17% of Novanta worth $7,724,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of Novanta by 0.9% during the first quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company's stock valued at $11,710,000 after buying an additional 797 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Novanta during the first quarter valued at about $818,000. GAMMA Investing LLC grew its holdings in shares of Novanta by 146.0% during the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after buying an additional 238 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Novanta by 1,426.7% during the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after buying an additional 214 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Novanta during the fourth quarter valued at about $3,681,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.
Novanta Stock Down 1.4%
Novanta stock traded down $1.66 during midday trading on Friday, hitting $116.41. 398,925 shares of the stock were exchanged, compared to its average volume of 470,122. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $186.14. The stock has a market capitalization of $4.19 billion, a price-to-earnings ratio of 68.48 and a beta of 1.50. The business's 50-day moving average price is $123.48 and its 200-day moving average price is $125.82. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57.
Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.02. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The business had revenue of $241.05 million for the quarter, compared to analysts' expectations of $237.97 million. During the same period in the previous year, the company earned $0.73 earnings per share. The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. On average, research analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
NOVT has been the subject of a number of analyst reports. Robert W. Baird reduced their price objective 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 report on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $133.00.
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Novanta Profile
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Free Report)
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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