Wellington Management Group LLP Increases Holdings 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 lifted its position in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 485,196 shares of the technology company's stock after buying an additional 9,243 shares during the period. Wellington Management Group LLP owned about 1.35% of Novanta worth $62,042,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. State of Michigan Retirement System raised 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 buying an additional 100 shares in the last quarter. Louisiana State Employees Retirement System raised 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 buying an additional 100 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Novanta by 4.5% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,376 shares of the technology company's stock valued at $304,000 after buying an additional 103 shares in the last quarter. State of Alaska Department of Revenue raised 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 buying an additional 105 shares in the last quarter. Finally, State of Wyoming grew its position in Novanta by 4.4% during the 4th quarter. State of Wyoming now owns 2,536 shares of the technology company's stock worth $387,000 after acquiring an additional 106 shares during the last quarter. 98.35% of the stock is owned by hedge funds and other institutional investors.

Novanta Trading Down 0.1%

Shares of NOVT stock traded down $0.15 during trading hours on Thursday, reaching $117.49. The company's stock had a trading volume of 92,223 shares, compared to its average volume of 294,833. The stock has a market capitalization of $4.23 billion, a P/E ratio of 68.99 and a beta of 1.48. Novanta Inc. has a one year low of $98.76 and a one year high of $186.14. The firm's fifty day simple moving average is $123.64 and its 200 day simple moving average is $126.52. The company has a current ratio of 2.54, a quick ratio of 1.62 and a debt-to-equity ratio of 0.57.

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

Wall Street Analysts Forecast Growth

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

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.