Geode Capital Management LLC Grows Stake in Novanta Inc. $NOVT

Geode Capital Management LLC lifted its position in Novanta Inc. (NASDAQ:NOVT) by 1.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 919,666 shares of the technology company’s stock after purchasing an additional 12,789 shares during the quarter. Geode Capital Management LLC owned about 2.56% of Novanta worth $118,585,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. SVB Wealth LLC bought a new position in Novanta in the 1st quarter worth about $48,000. CWM LLC grew its holdings in shares of Novanta by 329.8% during the first quarter. CWM LLC now owns 404 shares of the technology company’s stock worth $52,000 after purchasing an additional 310 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Novanta in the second quarter worth approximately $52,000. Signaturefd LLC lifted its position in 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 purchasing an additional 184 shares during the last quarter. Finally, Summit Securities Group LLC bought a new stake in Novanta during the first quarter valued at approximately $62,000. Institutional investors own 98.35% of the company’s stock.

Novanta Price Performance

Shares of NASDAQ:NOVT opened at $100.65 on Thursday. 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 stock has a market cap of $3.60 billion, a PE ratio of 59.21 and a beta of 1.54. The company’s fifty day moving average is $111.18 and its 200 day moving average is $119.01. Novanta Inc. has a 52 week low of $98.27 and a 52 week high of $175.83.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Monday, November 3rd. The technology company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.06. The firm had revenue of $247.84 million for the quarter, compared to analysts’ expectations of $245.95 million. Novanta had a return on equity of 14.70% and a net margin of 6.41%.The company’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.85 earnings per share. Novanta has set its FY 2025 guidance at 3.240-3.300 EPS. Q4 2025 guidance at 0.870-0.930 EPS. Research analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Novanta announced that its board has authorized a share repurchase plan 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 shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NOVT shares. Weiss Ratings cut shares of Novanta from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Saturday, October 25th. Wall Street Zen cut Novanta from a “buy” rating to a “hold” rating in a research note on Monday, August 11th. Robert W. Baird lowered 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. Finally, Zacks Research upgraded Novanta from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $133.00.

Novanta 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.