Strs Ohio Makes New $409,000 Investment in Novanta Inc. $NOVT

Key Points

• Strs Ohio invested $409,000 in Novanta Inc., purchasing 3,200 shares during the 1st quarter, reflecting increased institutional interest in the company.
• Novanta reported earnings of $0.76 per share in its latest quarterly results, surpassing analysts' estimates of $0.74, and achieved a revenue of $241.05 million.
• The company has authorized a $200 million share buyback program, indicating a belief that its stock is currently undervalued.

Strs Ohio purchased a new position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,200 shares of the technology company's stock, valued at approximately $409,000.

A number of other institutional investors have also recently modified their holdings of the business. State of Michigan Retirement System grew its position in shares of Novanta by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company's stock valued at $1,100,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System grew its position in shares of Novanta by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company's stock valued at $1,291,000 after acquiring an additional 100 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of 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 valued at $304,000 after acquiring an additional 103 shares during the period. State of Alaska Department of Revenue grew its position in shares of 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 valued at $537,000 after acquiring an additional 105 shares during the period. Finally, Signaturefd LLC grew its position in shares of Novanta by 80.0% during the 1st quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after acquiring an additional 184 shares during the period. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Trading Down 1.3%

Shares of Novanta stock opened at $113.18 on Tuesday. The firm has a market capitalization of $4.07 billion, a PE ratio of 66.58 and a beta of 1.50. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $184.11. The firm's 50-day moving average price is $118.69 and its 200 day moving average price is $122.61. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.02. The firm had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. Novanta's quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $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, sell-side analysts predict that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta declared that its board has authorized a share buyback program on Thursday, September 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOVT has been the topic of a number of analyst reports. Wall Street Zen cut 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 Novanta from $139.00 to $133.00 and set a "neutral" rating on the stock in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $133.00.

About Novanta

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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