Edgestream Partners L.P. Lowers Position in Novanta Inc. $NOVT

Edgestream Partners L.P. cut its position in shares of Novanta Inc. (NASDAQ:NOVT) by 68.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,058 shares of the technology company’s stock after selling 63,037 shares during the quarter. Edgestream Partners L.P. owned about 0.08% of Novanta worth $3,746,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SVB Wealth LLC purchased a new position in Novanta during the first quarter valued at $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Novanta in the 2nd quarter worth about $52,000. Summit Securities Group LLC purchased a new position in Novanta during the 1st quarter valued at about $62,000. Huntington National Bank boosted its stake in Novanta by 65.7% during the second quarter. Huntington National Bank now owns 492 shares of the technology company’s stock worth $63,000 after acquiring an additional 195 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Novanta by 58.3% in the first quarter. Caitong International Asset Management Co. Ltd now owns 657 shares of the technology company’s stock worth $84,000 after purchasing an additional 242 shares during the period. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Stock Performance

NOVT stock opened at $114.28 on Thursday. The stock has a market capitalization of $4.09 billion, a PE ratio of 77.74 and a beta of 1.59. Novanta Inc. has a 12-month low of $98.27 and a 12-month high of $173.16. The company has a current ratio of 2.51, a quick ratio of 1.54 and a debt-to-equity ratio of 0.56. The stock’s 50 day simple moving average is $110.58 and its 200 day simple moving average is $117.94.

Novanta (NASDAQ:NOVT) last posted its earnings results on Monday, November 3rd. The technology company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. Novanta had a return on equity of 14.53% and a net margin of 5.50%.The business had revenue of $247.84 million during the quarter, compared to analyst estimates of $245.95 million. During the same quarter last year, the company earned $0.85 EPS. The company’s quarterly 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 and its Q4 2025 guidance at 0.870-0.930 EPS. As a group, research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta declared that its board has initiated a stock buyback plan on Thursday, September 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 4.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

NOVT has been the topic of a number of analyst reports. Robert W. Baird dropped their price target on Novanta from $139.00 to $133.00 and set a “neutral” rating on the stock in a research report 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. Weiss Ratings cut Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Saturday, October 25th. Finally, Zacks Research upgraded Novanta from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Novanta presently has an average rating of “Reduce” 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.