The Manufacturers Life Insurance Company Invests $3.89 Million in Novanta Inc. $NOVT

Key Points

• The Manufacturers Life Insurance Company acquired 23,969 Novanta shares worth approximately $3.89 million, joining other institutional investors. Institutions collectively own 98.35% of the company.
• Analyst sentiment is broadly positive: Novanta has a consensus “Buy” rating and an average price target of $194, while Wall Street Zen and Zacks Research recently upgraded the stock.
• Novanta exceeded quarterly expectations, reporting $0.89 EPS and $265.81 million in revenue, with revenue up 10.3% year over year. The stock opened at $143.67, compared with its 12-month range of $98.27 to $176.38.

The Manufacturers Life Insurance Company bought a new stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 23,969 shares of the technology company's stock, valued at approximately $3,889,000. The Manufacturers Life Insurance Company owned approximately 0.06% of Novanta as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Danske Bank A S bought a new stake in Novanta in the third quarter valued at $40,000. Allworth Financial LP raised its holdings in Novanta by 978.4% in the 4th quarter. Allworth Financial LP now owns 399 shares of the technology company's stock worth $47,000 after purchasing an additional 362 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Novanta by 120.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 427 shares of the technology company's stock worth $51,000 after purchasing an additional 233 shares in the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Novanta in the 4th quarter worth about $53,000. Finally, Harbor Investment Advisory LLC bought a new stake in shares of Novanta during the 2nd quarter valued at about $54,000. Hedge funds and other institutional investors own 98.35% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on NOVT shares. Wall Street Zen upgraded shares of Novanta from a "hold" rating to a "buy" rating in a research report on Sunday, August 9th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Novanta in a research report on Wednesday, July 15th. Robert W. Baird set a $194.00 target price on Novanta in a report on Friday, August 7th. Finally, Zacks Research upgraded Novanta from a "hold" rating to a "strong-buy" rating in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Novanta has a consensus rating of "Buy" and an average price target of $194.00.

Insider Buying and Selling at Novanta

In other news, CEO Matthijs Glastra sold 6,500 shares of Novanta stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $161.13, for a total transaction of $1,047,345.00. Following the completion of the transaction, the chief executive officer directly owned 29,761 shares in the company, valued at approximately $4,795,389.93. This trade represents a 17.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.20% of the company's stock.

Novanta Stock Performance

Shares of Novanta stock opened at $143.67 on Wednesday. The business has a fifty day simple moving average of $151.90 and a two-hundred day simple moving average of $143.35. The firm has a market capitalization of $5.43 billion, a P/E ratio of 92.10 and a beta of 1.68. The company has a current ratio of 4.57, a quick ratio of 3.79 and a debt-to-equity ratio of 0.12. Novanta Inc. has a 12 month low of $98.27 and a 12 month high of $176.38.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.06. Novanta had a net margin of 6.00% and a return on equity of 10.83%. The company had revenue of $265.81 million during the quarter, compared to analyst estimates of $262.30 million. During the same period last year, the business earned $0.76 EPS. Novanta's quarterly revenue was up 10.3% compared to the same quarter last year. Novanta has set its FY 2026 guidance at 3.680-3.740 EPS and its Q3 2026 guidance at 0.950-1.000 EPS. On average, equities analysts forecast that Novanta Inc. will post 3.7 earnings per share for the current fiscal year.

Novanta Profile

Novanta, Inc NASDAQ: NOVT is a global technology company that designs and manufactures precision components, subsystems and software used in advanced photonics and motion control applications. The company serves customers in the medical device and advanced industrial markets, supplying critical technologies for diagnostics and therapeutic systems, semiconductor and electronics manufacturing, and scientific instrumentation. Novanta's product portfolio includes laser control modules, optics, beam delivery systems, high-precision motors, actuators, stages, and fluidics solutions designed to meet stringent accuracy and reliability requirements.

Novanta's Photonics segment delivers laser and energy delivery components that enable minimally invasive surgical procedures and diagnostic imaging.

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