Caxton Associates LLP Acquires Shares of 7,948 Novanta Inc. $NOVT

Caxton Associates LLP acquired a new position in shares of Novanta Inc. (NASDAQ:NOVT) in the second quarter, HoldingsChannel.com reports. The firm acquired 7,948 shares of the technology company’s stock, valued at approximately $1,025,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SVB Wealth LLC acquired a new stake in Novanta in the 1st quarter worth about $48,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of Novanta in the second quarter valued at approximately $52,000. Summit Securities Group LLC acquired a new stake in Novanta during the first quarter worth approximately $62,000. Huntington National Bank increased its stake in Novanta by 65.7% during the 2nd quarter. Huntington National Bank now owns 492 shares of the technology company’s stock worth $63,000 after acquiring an additional 195 shares during the period. Finally, Harbor Investment Advisory LLC raised its holdings in Novanta by 29.0% in the 2nd quarter. Harbor Investment Advisory LLC now owns 671 shares of the technology company’s stock valued at $87,000 after acquiring an additional 151 shares in the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Novanta Stock Performance

Shares of Novanta stock opened at $119.41 on Tuesday. The company’s 50 day moving average price is $113.12 and its two-hundred day moving average price is $117.58. The firm has a market capitalization of $4.27 billion, a P/E ratio of 81.23 and a beta of 1.59. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.51 and a quick ratio of 1.54. Novanta Inc. has a fifty-two week low of $98.27 and a fifty-two week high of $173.16.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Monday, November 3rd. The technology company reported $0.87 EPS for the quarter, beating 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 company had revenue of $247.84 million during the quarter, compared to analysts’ expectations of $245.95 million. During the same period in the prior year, the company 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 and its Q4 2025 guidance at 0.870-0.930 EPS. On average, equities analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Novanta announced that its board has approved a stock repurchase program on Thursday, September 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NOVT shares. Zacks Research raised Novanta from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. 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 equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus 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.