Callan Family Office LLC Grows Stake in Novanta Inc. $NOVT

Callan Family Office LLC grew its position in Novanta Inc. (NASDAQ:NOVT) by 65.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,117 shares of the technology company’s stock after purchasing an additional 2,031 shares during the quarter. Callan Family Office LLC’s holdings in Novanta were worth $660,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Management Group LLP grew its holdings in Novanta by 1.9% in the first quarter. Wellington Management Group LLP now owns 485,196 shares of the technology company’s stock worth $62,042,000 after purchasing an additional 9,243 shares during the last quarter. Advantage Alpha Capital Partners LP grew its holdings in shares of Novanta by 163.8% during the first quarter. Advantage Alpha Capital Partners LP now owns 38,823 shares of the technology company’s stock valued at $4,964,000 after buying an additional 24,107 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Novanta by 1.9% during the first quarter. T. Rowe Price Investment Management Inc. now owns 693,090 shares of the technology company’s stock valued at $88,626,000 after buying an additional 12,921 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Novanta by 0.9% during the first quarter. Principal Financial Group Inc. now owns 91,578 shares of the technology company’s stock valued at $11,710,000 after buying an additional 797 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Novanta during the first quarter valued at $818,000. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NOVT has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Novanta in a report on Wednesday, October 8th. Wall Street Zen lowered shares of Novanta from a “buy” rating to a “hold” rating in a report on Monday, August 11th. Zacks Research raised shares of Novanta from a “strong sell” rating to a “hold” rating in a report on Monday, October 6th. Finally, Robert W. Baird dropped their price objective 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. Three investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $133.00.

Novanta Trading Up 3.2%

NASDAQ NOVT opened at $103.12 on Tuesday. The company has a market capitalization of $3.71 billion, a PE ratio of 60.66 and a beta of 1.49. The company has a fifty day moving average of $112.31 and a 200 day moving average of $119.20. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $184.11. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.54 and a quick ratio of 1.62.

Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.02. The company had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.73 earnings per share. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. Research analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current year.

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

About Novanta

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.