Wellington Management Group LLP Increases Stock Position in Novanta Inc. $NOVT

Key Points

• Wellington Management Group LLP increased its stake in Novanta Inc. by 1.9%, owning approximately 485,196 shares valued at $62 million following a purchase of 9,243 shares.
• In the latest quarter, Novanta reported $0.76 EPS, exceeding analysts' expectations, with revenue reaching $241.05 million, a 2.2% increase compared to the previous year.
• Wall Street analysts have generally rated Novanta as a "hold," with a revised price target of $133.00 from Robert W. Baird.

Wellington Management Group LLP grew its position in Novanta Inc. (NASDAQ:NOVT - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 485,196 shares of the technology company's stock after purchasing an additional 9,243 shares during the period. Wellington Management Group LLP owned about 1.35% of Novanta worth $62,042,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Parallel Advisors LLC raised its holdings in shares of 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 purchasing an additional 214 shares during the last quarter. Johnson Financial Group Inc. raised its holdings in shares of Novanta by 482.1% in the fourth quarter. Johnson Financial Group Inc. now owns 326 shares of the technology company's stock valued at $49,000 after purchasing an additional 270 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Novanta by 146.0% in the first quarter. GAMMA Investing LLC now owns 401 shares of the technology company's stock valued at $51,000 after purchasing an additional 238 shares during the last quarter. CWM LLC raised its holdings in shares of Novanta by 329.8% in the first quarter. CWM LLC now owns 404 shares of the technology company's stock valued at $52,000 after purchasing an additional 310 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Novanta by 80.0% in the first quarter. Signaturefd LLC now owns 414 shares of the technology company's stock valued at $53,000 after purchasing an additional 184 shares during the last quarter. Hedge funds and other institutional investors own 98.35% of the company's stock.

Novanta Stock Performance

NASDAQ NOVT opened at $122.97 on Friday. Novanta Inc. has a 52-week low of $98.76 and a 52-week high of $186.75. The company has a 50-day simple moving average of $123.93 and a 200 day simple moving average of $127.14. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.62 and a current ratio of 2.54. The company has a market capitalization of $4.42 billion, a PE ratio of 72.34 and a beta of 1.48.

Novanta (NASDAQ:NOVT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.02. Novanta had a net margin of 6.41% and a return on equity of 14.70%. The business had revenue of $241.05 million during the quarter, compared to the consensus estimate of $237.97 million. During the same quarter last year, the company posted $0.73 earnings per share. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. Novanta has set its FY 2025 guidance at 3.220-3.360 EPS. Q3 2025 guidance at 0.780-0.850 EPS. On average, research analysts predict that Novanta Inc. will post 3.03 EPS for the current year.

Analysts Set New Price Targets

NOVT has been the subject of several analyst reports. Wall Street Zen downgraded shares of Novanta from a "buy" rating to a "hold" rating in a report on Monday, August 11th. Robert W. Baird lowered their target price on shares of Novanta from $139.00 to $133.00 and set a "neutral" rating for the company in a report on Monday, August 11th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Novanta presently has an average rating of "Hold" and an average price target of $133.00.

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.

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