Nuveen LLC Invests $16.08 Million in Novanta Inc. $NOVT

Key Points

• Nuveen LLC acquired a new stake in Novanta Inc. worth approximately $16.08 million, owning about 0.35% of the company after acquiring 125,714 shares.
• Multiple hedge funds significantly increased their positions in Novanta, with Parallel Advisors LLC leading the charge with a 1,426.7% increase during the first quarter.
• Novanta's stock saw a decline of 4.2% recently, with analysts adjusting their target price down to $133.00 and shifting some ratings to "hold."

Nuveen LLC acquired a new stake in Novanta Inc. (NASDAQ:NOVT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 125,714 shares of the technology company's stock, valued at approximately $16,075,000. Nuveen LLC owned 0.35% of Novanta as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Aigen Investment Management LP acquired a new stake in Novanta during the 1st quarter worth about $946,000. Virtu Financial LLC bought a new position in Novanta in the 1st quarter valued at about $427,000. Entropy Technologies LP lifted its position in shares of Novanta by 15.7% during the 1st quarter. Entropy Technologies LP now owns 2,148 shares of the technology company's stock worth $275,000 after buying an additional 292 shares in the last quarter. Invesco Ltd. lifted its position in shares of Novanta by 4.1% during the 1st quarter. Invesco Ltd. now owns 60,403 shares of the technology company's stock worth $7,724,000 after buying an additional 2,364 shares in the last quarter. Finally, Cynosure Group LLC lifted its position in shares of Novanta by 23.2% during the 1st quarter. Cynosure Group LLC now owns 2,425 shares of the technology company's stock worth $310,000 after buying an additional 456 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. 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 research report on Monday, August 11th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $133.00.

Novanta Trading Up 0.7%

Shares of NASDAQ NOVT traded up $0.88 during midday trading on Tuesday, hitting $119.61. 53,836 shares of the company traded hands, compared to its average volume of 290,848. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $186.14. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. The stock has a 50-day moving average price of $123.82 and a 200 day moving average price of $126.64. The firm has a market cap of $4.30 billion, a P/E ratio of 70.20 and a beta of 1.48.

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 for the quarter, topping analysts' consensus estimates of $0.74 by $0.02. The business had revenue of $241.05 million for 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 was up 2.2% compared to the same quarter last year. During the same quarter in the prior 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, analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

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.