Wellington Management Group LLP Cuts Stake in Novanta Inc. (NASDAQ:NOVT)

Wellington Management Group LLP reduced its holdings in shares of Novanta Inc. (NASDAQ:NOVT) by 3.6% during the fourth quarter, Holdings Channel reports. The fund owned 475,953 shares of the technology company’s stock after selling 17,531 shares during the period. Wellington Management Group LLP’s holdings in Novanta were worth $72,711,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NOVT. Schroder Investment Management Group grew its holdings in shares of Novanta by 52.5% during the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company’s stock valued at $41,359,000 after purchasing an additional 93,511 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Novanta by 1.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 127,604 shares of the technology company’s stock worth $19,494,000 after buying an additional 1,662 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of Novanta in the 4th quarter valued at about $1,392,000. Norges Bank purchased a new stake in Novanta during the 4th quarter valued at about $48,442,000. Finally, Blair William & Co. IL grew its position in Novanta by 2.4% during the 4th quarter. Blair William & Co. IL now owns 448,434 shares of the technology company’s stock worth $68,507,000 after acquiring an additional 10,459 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Robert W. Baird lowered their price objective on Novanta from $169.00 to $160.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd.

Novanta Price Performance

Shares of Novanta stock opened at $104.12 on Friday. The firm has a market cap of $3.74 billion, a PE ratio of 62.35 and a beta of 1.42. The company’s fifty day simple moving average is $139.98 and its two-hundred day simple moving average is $156.97. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. Novanta Inc. has a 12-month low of $103.71 and a 12-month high of $187.12.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Tuesday, February 25th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company had revenue of $238.10 million for the quarter, compared to the consensus estimate of $240.29 million. During the same quarter in the previous year, the business earned $0.63 EPS. Novanta’s revenue was up 12.5% compared to the same quarter last year. As a group, equities analysts expect that Novanta Inc. will post 3.03 EPS for the current year.

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.