Voya Investment Management LLC Has $1.23 Million Stock Holdings in Novanta Inc. $NOVT

Voya Investment Management LLC trimmed its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 10.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,609 shares of the technology company’s stock after selling 1,133 shares during the quarter. Voya Investment Management LLC’s holdings in Novanta were worth $1,229,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of NOVT. Champlain Investment Partners LLC increased its position in Novanta by 45.6% during the first quarter. Champlain Investment Partners LLC now owns 596,190 shares of the technology company’s stock worth $76,235,000 after acquiring an additional 186,848 shares during the period. Millennium Management LLC increased its position in Novanta by 180.7% during the first quarter. Millennium Management LLC now owns 247,848 shares of the technology company’s stock worth $31,692,000 after acquiring an additional 159,551 shares during the period. Clearline Capital LP bought a new position in Novanta during the first quarter worth about $17,117,000. Nuveen LLC bought a new position in Novanta during the first quarter worth about $16,075,000. Finally, Geneva Capital Management LLC increased its position in Novanta by 9.5% during the first quarter. Geneva Capital Management LLC now owns 934,035 shares of the technology company’s stock worth $119,435,000 after acquiring an additional 81,397 shares during the period. 98.35% of the stock is owned by institutional investors.

Novanta Trading Down 2.6%

NOVT opened at $110.28 on Wednesday. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $184.11. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of 64.87 and a beta of 1.50. The company’s 50 day moving average price is $118.40 and its two-hundred day moving average price is $122.52.

Novanta (NASDAQ:NOVT) last posted its 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. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The firm had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. During the same period in the previous year, the firm posted $0.73 EPS. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. 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, research analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of research firms recently commented on NOVT. Wall Street Zen lowered shares of Novanta from a “buy” rating to a “hold” rating in a research report on Monday, August 11th. Robert W. Baird decreased their target price on shares of Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a report on Monday, August 11th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.