Norden Group LLC Cuts Position in Novanta Inc. $NOVT

Norden Group LLC trimmed its position in shares of Novanta Inc. (NASDAQ:NOVT) by 17.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,550 shares of the technology company’s stock after selling 529 shares during the period. Norden Group LLC’s holdings in Novanta were worth $329,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NOVT. Parallel Advisors LLC lifted its holdings in shares of Novanta by 1,426.7% in the 1st quarter. Parallel Advisors LLC now owns 229 shares of the technology company’s stock worth $29,000 after acquiring an additional 214 shares during the last quarter. SVB Wealth LLC bought a new position in shares of Novanta during the 1st quarter valued at $48,000. GAMMA Investing LLC raised its position in 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 purchasing an additional 238 shares during the period. CWM LLC lifted 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 valued at $52,000 after acquiring an additional 310 shares during the last quarter. Finally, Signaturefd LLC lifted its position in Novanta by 80.0% in the first quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock valued at $53,000 after purchasing an additional 184 shares during the last quarter. Institutional investors own 98.35% of the company’s stock.

Novanta Trading Down 1.7%

Shares of NASDAQ:NOVT opened at $101.03 on Friday. The stock has a 50 day moving average of $117.10 and a 200 day moving average of $121.90. The company has a market cap of $3.63 billion, a PE ratio of 59.43 and a beta of 1.50. 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.

Novanta (NASDAQ:NOVT) last released its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate 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%.The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $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. As a group, equities research analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

Novanta announced that its Board of Directors has initiated a share repurchase plan on Thursday, September 18th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on NOVT shares. Wall Street Zen lowered shares of Novanta from a “buy” rating to a “hold” rating in a report on Monday, August 11th. Robert W. Baird decreased their price target 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. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Novanta presently has an average 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.