GW&K Investment Management LLC Lowers Holdings in Novanta Inc. (NASDAQ:NOVT)

GW&K Investment Management LLC lessened its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 3.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 335,711 shares of the technology company's stock after selling 10,957 shares during the period. GW&K Investment Management LLC owned 0.93% of Novanta worth $42,927,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. lifted its position in shares of Novanta by 5.6% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 1,687 shares of the technology company's stock worth $258,000 after purchasing an additional 90 shares during the period. State of Michigan Retirement System boosted its holdings in shares of Novanta by 1.2% during the 1st quarter. State of Michigan Retirement System now owns 8,600 shares of the technology company's stock valued at $1,100,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of Novanta by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 10,100 shares of the technology company's stock valued at $1,291,000 after acquiring an additional 100 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Novanta by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 4,201 shares of the technology company's stock valued at $537,000 after acquiring an additional 105 shares during the last quarter. Finally, State of Wyoming boosted its holdings in shares of Novanta by 4.4% in the fourth quarter. State of Wyoming now owns 2,536 shares of the technology company's stock worth $387,000 after buying an additional 106 shares during the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Stock Performance

Shares of NOVT traded up $2.41 during trading hours on Wednesday, hitting $126.51. The stock had a trading volume of 193,227 shares, compared to its average volume of 225,743. Novanta Inc. has a fifty-two week low of $98.76 and a fifty-two week high of $187.00. The firm has a market capitalization of $4.55 billion, a price-to-earnings ratio of 64.55 and a beta of 1.45. The firm has a 50-day moving average price of $126.66 and a 200 day moving average price of $131.66. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.70 and a current ratio of 2.56.

Novanta (NASDAQ:NOVT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.06. The business had revenue of $233.37 million for the quarter, compared to analysts' expectations of $233.34 million. Novanta had a net margin of 7.42% and a return on equity of 15.06%. The business's quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 earnings per share. As a group, research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Novanta from a "hold" rating to a "buy" rating in a research note on Friday, June 6th.

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.