Wellington Management Group LLP Sells 17,531 Shares of Novanta Inc. (NASDAQ:NOVT)

Wellington Management Group LLP reduced its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 3.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Empowered Funds LLC purchased a new stake in Novanta during the 4th quarter valued at about $26,000. SBI Securities Co. Ltd. acquired a new stake in shares of Novanta in the 4th quarter worth $97,000. Venturi Wealth Management LLC lifted its stake in shares of Novanta by 6,500.0% in the fourth quarter. Venturi Wealth Management LLC now owns 726 shares of the technology company's stock valued at $111,000 after purchasing an additional 715 shares during the period. KBC Group NV increased its holdings in Novanta by 41.6% during the 4th quarter. KBC Group NV now owns 1,500 shares of the technology company's stock valued at $229,000 after acquiring an additional 441 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in Novanta in the third quarter valued at approximately $232,000. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Price Performance

Shares of NASDAQ:NOVT traded down $8.20 during trading hours on Thursday, hitting $109.64. 66,512 shares of the company's stock traded hands, compared to its average volume of 189,279. Novanta Inc. has a 52 week low of $98.76 and a 52 week high of $187.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.81 and a current ratio of 2.79. The company's fifty day simple moving average is $136.10 and its two-hundred day simple moving average is $154.75. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 66.28 and a beta of 1.42.

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Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share 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 firm had revenue of $238.10 million for the quarter, compared to analyst estimates of $240.29 million. During the same quarter last year, the firm earned $0.63 earnings per share. The company's revenue for the quarter was up 12.5% on a year-over-year basis. As a group, equities analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird dropped their price target on shares of Novanta from $169.00 to $160.00 and set a "neutral" rating for the company in a research note on Monday, March 3rd.

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.