WCM Investment Management LLC Sells 25,320 Shares of Novanta Inc. (NASDAQ:NOVT)

WCM Investment Management LLC reduced its stake in Novanta Inc. (NASDAQ:NOVT - Free Report) by 25.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 73,857 shares of the technology company's stock after selling 25,320 shares during the period. WCM Investment Management LLC owned approximately 0.21% of Novanta worth $9,533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Parallel Advisors LLC grew its position in Novanta by 1,426.7% in the first quarter. Parallel Advisors LLC now owns 229 shares of the technology company's stock valued at $29,000 after acquiring an additional 214 shares during the period. Johnson Financial Group Inc. grew its holdings in shares of Novanta by 482.1% in the 4th quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock worth $49,000 after purchasing an additional 270 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Novanta by 146.0% during the 1st quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock worth $51,000 after purchasing an additional 238 shares in the last quarter. Huntington National Bank increased its position in shares of Novanta by 53.6% during the 4th quarter. Huntington National Bank now owns 430 shares of the technology company's stock worth $66,000 after purchasing an additional 150 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in Novanta by 433.0% during the 1st quarter. UMB Bank n.a. now owns 613 shares of the technology company's stock valued at $78,000 after purchasing an additional 498 shares during the last quarter. 98.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Novanta from a "hold" rating to a "buy" rating in a research report on Friday, June 6th.

Novanta Price Performance

NASDAQ:NOVT traded up $0.60 during mid-day trading on Friday, reaching $133.45. 225,533 shares of the company were exchanged, compared to its average volume of 222,251. The company has a quick ratio of 1.70, a current ratio of 2.56 and a debt-to-equity ratio of 0.50. The stock has a market cap of $4.80 billion, a PE ratio of 68.08 and a beta of 1.45. Novanta Inc. has a 12 month low of $98.76 and a 12 month high of $187.12. The company has a fifty day moving average of $124.88 and a 200 day moving average of $134.16.

Novanta (NASDAQ:NOVT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.74 EPS for the quarter, beating 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%. Novanta's revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.74 earnings per share. On average, research analysts anticipate that Novanta Inc. will post 3.03 EPS for the current fiscal year.

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.