Novanta Inc. $NOVT Holdings Lifted by Argent Capital Management LLC

Argent Capital Management LLC boosted its position in shares of Novanta Inc. (NASDAQ:NOVT) by 4.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 5,282 shares of the technology company’s stock after buying an additional 247 shares during the period. Argent Capital Management LLC’s holdings in Novanta were worth $681,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. State of Michigan Retirement System lifted its holdings in shares of Novanta by 1.2% during the first quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company’s stock valued at $1,100,000 after purchasing an additional 100 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of Novanta by 1.0% during the first quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company’s stock valued at $1,291,000 after purchasing an additional 100 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Novanta by 4.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company’s stock valued at $304,000 after purchasing an additional 103 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Novanta by 2.6% during the first quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company’s stock valued at $537,000 after purchasing an additional 105 shares during the last quarter. Finally, Harbor Investment Advisory LLC lifted its holdings in shares of Novanta by 29.0% during the second quarter. Harbor Investment Advisory LLC now owns 671 shares of the technology company’s stock valued at $87,000 after purchasing an additional 151 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Price Performance

Shares of NASDAQ:NOVT opened at $113.18 on Tuesday. Novanta Inc. has a 1-year low of $98.76 and a 1-year high of $184.11. The firm has a market capitalization of $4.07 billion, a PE ratio of 66.58 and a beta of 1.50. The business’s 50 day moving average is $118.69 and its 200-day moving average is $122.61. 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 announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.02. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The company had revenue of $241.05 million for the quarter, compared to analyst estimates of $237.97 million. During the same quarter last year, the firm earned $0.73 EPS. Novanta’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. Sell-side analysts predict that Novanta Inc. will post 3.03 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NOVT. Wall Street Zen downgraded Novanta from a “buy” rating to a “hold” rating in a report on Monday, August 11th. Robert W. Baird reduced their target price on Novanta from $139.00 to $133.00 and set a “neutral” rating for the company in a report on Monday, August 11th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” 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.