TD Asset Management Inc Decreases Stock Holdings in Novanta Inc. $NOVT

Key Points

• TD Asset Management Inc has reduced its holdings in Novanta Inc. by 36.3%, owning 14,836 shares worth $1,913,000 after selling 8,464 shares in the second quarter.
• Novanta Inc. reported earnings of $0.76 per share, surpassing analysts' expectations, and has initiated a share buyback plan to repurchase $200 million worth of shares, signaling management's confidence in the stock's value.
• The stock has recently seen a 4.2% increase and has an average rating of "Hold" from analysts, with a price target set at $133.00.

TD Asset Management Inc reduced its holdings in Novanta Inc. (NASDAQ:NOVT - Free Report) by 36.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,836 shares of the technology company's stock after selling 8,464 shares during the period. TD Asset Management Inc's holdings in Novanta were worth $1,913,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. SVB Wealth LLC purchased a new position in shares of Novanta in the 1st quarter worth $48,000. GAMMA Investing LLC grew its stake in shares of 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 buying an additional 238 shares in the last quarter. CWM LLC grew its stake in shares of Novanta by 329.8% in the 1st quarter. CWM LLC now owns 404 shares of the technology company's stock worth $52,000 after buying an additional 310 shares in the last quarter. Signaturefd LLC grew 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 buying an additional 184 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new position in shares of Novanta in the 1st quarter worth $62,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Up 4.2%

Shares of NOVT opened at $113.00 on Wednesday. The firm has a market capitalization of $4.07 billion, a P/E ratio of 66.47 and a beta of 1.49. Novanta Inc. has a 12-month low of $98.76 and a 12-month high of $184.11. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average price of $111.34 and a 200-day moving average price of $118.65.

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, beating analysts' consensus estimates of $0.74 by $0.02. The firm had revenue of $241.05 million during 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%. The business's revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm 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. Equities research analysts expect that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta announced that its Board of Directors has initiated a share buyback plan on Thursday, September 18th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NOVT shares. Robert W. Baird dropped their price objective on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a research note on Monday, August 11th. Zacks Research raised shares of Novanta from a "strong sell" rating to a "hold" rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Novanta in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of Novanta from a "buy" rating to a "hold" rating in a research note on Monday, August 11th. Three investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $133.00.

Novanta Company 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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