Bank of Montreal Can Trims Position in Novanta Inc. $NOVT

Bank of Montreal Can trimmed its stake in Novanta Inc. (NASDAQ:NOVT) by 16.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,294 shares of the technology company’s stock after selling 651 shares during the period. Bank of Montreal Can’s holdings in Novanta were worth $425,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in NOVT. SVB Wealth LLC bought a new stake in shares of Novanta during the first quarter valued at approximately $48,000. CWM LLC grew its position in shares of Novanta by 329.8% during 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 increased its stake in shares of Novanta by 80.0% during the first quarter. Signaturefd LLC now owns 414 shares of the technology company’s stock valued at $53,000 after buying an additional 184 shares during the period. Summit Securities Group LLC bought a new stake in shares of Novanta in the first quarter valued at about $62,000. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Novanta by 58.3% in the first quarter. Caitong International Asset Management Co. Ltd now owns 657 shares of the technology company’s stock valued at $84,000 after acquiring an additional 242 shares in the last quarter. 98.35% of the stock is currently owned by institutional investors.

Novanta Price Performance

Shares of NOVT stock opened at $99.55 on Wednesday. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $175.83. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 58.56 and a beta of 1.54. The stock’s 50-day simple moving average is $111.46 and its 200-day simple moving average is $119.14.

Novanta (NASDAQ:NOVT) last released its earnings results on Monday, November 3rd. The technology company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.06. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The company had revenue of $247.84 million for the quarter, compared to the consensus estimate of $245.95 million. During the same quarter in the previous year, the firm earned $0.85 EPS. Novanta’s revenue was up 1.4% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS. Q4 2025 guidance at 0.870-0.930 EPS. As a group, equities analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta declared that its Board of Directors has initiated a share buyback program on Thursday, September 18th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have issued reports on NOVT shares. Robert W. Baird dropped 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. Zacks Research upgraded shares of Novanta from a “strong sell” rating to a “hold” rating in a research note on Monday, October 6th. Wall Street Zen lowered shares of Novanta from a “buy” rating to a “hold” rating in a report on Monday, August 11th. Finally, Weiss Ratings downgraded shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus 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.