Royal Bank of Canada Trims Holdings in Novanta Inc. $NOVT

Key Points

• Royal Bank of Canada reduced its stake in Novanta Inc. by 3.8% during the first quarter, holding approximately 0.74% of the company, valued at $34 million.
• Analysts have recently downgraded Novanta, with Robert W. Baird lowering its price target from $139.00 to $133.00 and rating the stock as "neutral."
• Novanta reported earnings of $0.76 per share for the last quarter, slightly above analyst expectations, and set its FY 2025 EPS guidance between 3.220-3.360.

Royal Bank of Canada lessened its holdings in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 3.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 266,187 shares of the technology company's stock after selling 10,585 shares during the quarter. Royal Bank of Canada owned 0.74% of Novanta worth $34,038,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. State of Michigan Retirement System increased its position in Novanta by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company's stock worth $1,100,000 after purchasing an additional 100 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Novanta by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company's stock worth $1,291,000 after purchasing an additional 100 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Novanta by 4.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company's stock worth $304,000 after purchasing an additional 103 shares in the last quarter. State of Alaska Department of Revenue increased its position in Novanta by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company's stock worth $537,000 after purchasing an additional 105 shares in the last quarter. Finally, State of Wyoming increased its position in Novanta by 4.4% during the 4th quarter. State of Wyoming now owns 2,536 shares of the technology company's stock worth $387,000 after purchasing an additional 106 shares in the last quarter. Institutional investors and hedge funds own 98.35% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on NOVT shares. Wall Street Zen downgraded shares of Novanta from a "buy" rating to a "hold" rating in a research report on Monday, August 11th. Robert W. Baird dropped their target price 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 investment analyst has rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $133.00.

Novanta Stock Down 2.9%

NASDAQ NOVT traded down $3.44 on Friday, reaching $114.53. The company had a trading volume of 199,544 shares, compared to its average volume of 335,749. The firm has a market capitalization of $4.12 billion, a PE ratio of 67.37 and a beta of 1.50. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $184.11. The firm has a 50-day moving average of $120.66 and a 200-day moving average of $124.12. 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 released its quarterly earnings results 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 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 quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $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. On average, equities research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal 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.