Public Employees Retirement System of Ohio Has $1.48 Million Position in Novanta Inc. $NOVT

Public Employees Retirement System of Ohio grew its position in Novanta Inc. (NASDAQ:NOVT) by 8,193.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,445 shares of the technology company’s stock after purchasing an additional 11,307 shares during the period. Public Employees Retirement System of Ohio’s holdings in Novanta were worth $1,476,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Argent Capital Management LLC raised its holdings in shares of Novanta by 4.9% in the second quarter. Argent Capital Management LLC now owns 5,282 shares of the technology company’s stock valued at $681,000 after buying an additional 247 shares during the last quarter. Diversified Trust Co increased its stake in shares of Novanta by 23.7% in the 2nd quarter. Diversified Trust Co now owns 7,787 shares of the technology company’s stock valued at $1,004,000 after acquiring an additional 1,494 shares during the last quarter. Moody National Bank Trust Division bought a new stake in shares of Novanta in the 2nd quarter valued at about $213,000. Exchange Traded Concepts LLC increased its stake in shares of Novanta by 6.5% in the 2nd quarter. Exchange Traded Concepts LLC now owns 146,097 shares of the technology company’s stock valued at $18,836,000 after acquiring an additional 8,854 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in shares of Novanta in the 2nd quarter valued at about $206,000. 98.35% of the stock is owned by institutional investors.

Novanta Trading Up 1.2%

NASDAQ:NOVT opened at $104.53 on Friday. Novanta Inc. has a twelve month low of $98.76 and a twelve month high of $184.11. The company has a quick ratio of 1.62, a current ratio of 2.54 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average price of $114.76 and a two-hundred day moving average price of $120.72. The company has a market cap of $3.76 billion, a P/E ratio of 61.49 and a beta of 1.49.

Novanta (NASDAQ:NOVT) last released its quarterly 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 return on equity of 14.70% and a net margin of 6.41%.The firm had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. During the same quarter in the prior year, the firm posted $0.73 EPS. The business’s revenue was up 2.2% on a year-over-year basis. 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, analysts expect that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Novanta declared that its board has authorized a share repurchase program on Thursday, September 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to buy up to 4.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

NOVT has been the subject of a number of recent analyst reports. Robert W. Baird lowered their price target on Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a research note on Monday, August 11th. Wall Street Zen cut Novanta from a “buy” rating to a “hold” rating in a research note on Monday, August 11th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Novanta in a research note on Saturday, September 27th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price 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.