UBS AM Expands Stake in Novanta Inc. with Acquisition of 52,573 Shares

On December 7, 2024, UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC, reported a significant increase in its investment in Novanta Inc. (NASDAQ:NOVT). During the third quarter, UBS AM boosted its holdings by an impressive 110.2%, acquiring an additional 52,573 shares. This acquisition brought their total ownership to 100,259 shares, valued at approximately $17,938,000 as of the end of the most recent quarter.

In addition to UBS AM, other institutional investors and hedge funds have also recently adjusted their positions in Novanta. For instance, GAMMA Investing LLC increased its stake by 33.1% during the same period, owning 237 shares worth around $42,000 after adding 59 shares. GHP Investment Advisors Inc. entered the scene with a new investment, acquiring a stake valued at $49,000. Similarly, nVerses Capital LLC also established a new position with shares valued at $54,000. Additionally, Signaturefd LLC and Van ECK Associates Corp both raised their stakes in Novanta during the second quarter, with increases of 38.3% and 47.6%, respectively. Collectively, these developments indicate that institutional investors currently hold approximately 98.35% of Novanta's stock.

Analyst Updates

Meanwhile, market analysts have been weighing in on Novanta's stock performance. Robert W. Baird recently revised their price target for Novanta, lowering it from $175.00 to $169.00, while maintaining a neutral rating.

Corporate Insider Activity

In related news, insider trading has also been observed at Novanta. CFO Robert Buckley sold 3,660 shares on October 1st at an average price of $174.01, resulting in a total sale value of approximately $636,876. Following this transaction, his remaining shares are valued at $20,954,110. This sale represented a 2.95% decrease in his ownership. On November 11th, CEO Matthijs Glastra sold 7,500 shares at an average price of $179.70, totaling about $1,347,750. Following the sale, the CEO owns shares worth approximately $10,131,845, which was an 11.74% decline in his ownership. Over the past three months, company insiders have sold a total of 12,271 shares, worth $2,185,107, and insiders currently own 1.20% of the company’s stock.

Stock Performance Update

As of the latest market data, Novanta's shares opened at $165.71 on Friday. The stock has ranged between a 52-week low of $146.86 and a 52-week high of $187.12. Novanta has a market capitalization of $5.95 billion, a price-to-earnings ratio of 99.23, and a beta of 1.26. Its financial ratios indicate a debt-to-equity ratio of 0.61, a quick ratio of 1.81, and a current ratio of 2.79. The stock is currently trading with a fifty-day moving average of $172.43 and a 200-day moving average of $171.09.

Recent Financial Results

Novanta's most recent earnings announcement was made on November 5th, revealing an earnings per share (EPS) of $0.85, matching analysts’ expectations. The company reported a return on equity of 15.20% and a net margin of 6.52%. Revenue for the quarter was recorded at $244.40 million, slightly exceeding the anticipated $242.33 million. In comparison to the previous year's quarter, where the EPS was also $0.85, Novanta's revenue demonstrated a growth of 10.3%. Looking ahead, analysts project that Novanta Inc. will achieve an EPS of 3.03 for the ongoing fiscal year.

About Novanta Inc.

Novanta Inc. operates in the realm of precision medicine and manufacturing, providing a range of medical solutions alongside advanced robotics and automation services. The company functions through three key segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.

UBS, Novanta, Investment