Wellington Management Group LLP Reduces Stock Position in Novanta Inc. (NASDAQ:NOVT)

Wellington Management Group LLP reduced its stake in Novanta Inc. (NASDAQ:NOVT) by 3.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 475,953 shares of the technology company’s stock after selling 17,531 shares during the period. Wellington Management Group LLP owned approximately 1.33% of Novanta worth $72,711,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Empowered Funds LLC purchased a new position in Novanta during the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. bought a new stake in Novanta during the 4th quarter worth approximately $97,000. Venturi Wealth Management LLC lifted its stake in Novanta by 6,500.0% in the 4th quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company’s stock worth $111,000 after purchasing an additional 715 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in Novanta in the 3rd quarter worth approximately $232,000. Finally, HighTower Advisors LLC bought a new position in Novanta in the 3rd quarter valued at $257,000. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Novanta Stock Performance

Shares of NOVT opened at $104.12 on Friday. Novanta Inc. has a 12-month low of $103.71 and a 12-month high of $187.12. The company has a current ratio of 2.79, a quick ratio of 1.81 and a debt-to-equity ratio of 0.61. The company has a market cap of $3.74 billion, a PE ratio of 62.35 and a beta of 1.42. The stock has a 50-day moving average price of $139.98 and a 200-day moving average price of $156.97.

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

Wall Street Analyst Weigh In

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

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.