Wellington Management Group LLP Has $72.71 Million Stake in Novanta Inc. (NASDAQ:NOVT)

Wellington Management Group LLP cut its stake in shares of Novanta Inc. (NASDAQ:NOVT - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 475,953 shares of the technology company's stock after selling 17,531 shares during the quarter. Wellington Management Group LLP owned 1.32% of Novanta worth $72,711,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of NOVT. Norges Bank bought a new stake in shares of Novanta during the 4th quarter worth $48,442,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of Novanta by 69.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 680,169 shares of the technology company's stock worth $103,910,000 after acquiring an additional 279,793 shares in the last quarter. WCM Investment Management LLC bought a new stake in shares of Novanta during the 4th quarter worth $15,104,000. Schroder Investment Management Group boosted its stake in shares of Novanta by 52.5% during the 4th quarter. Schroder Investment Management Group now owns 271,583 shares of the technology company's stock worth $41,359,000 after acquiring an additional 93,511 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Novanta by 2,714.7% during the 4th quarter. Millennium Management LLC now owns 88,297 shares of the technology company's stock worth $13,489,000 after acquiring an additional 85,160 shares in the last quarter. 98.35% of the stock is owned by institutional investors.

Novanta Stock Down 1.5%

Shares of NOVT traded down $1.90 during mid-day trading on Monday, reaching $121.92. The company's stock had a trading volume of 178,832 shares, compared to its average volume of 214,344. The business has a fifty day moving average of $119.99 and a 200 day moving average of $140.22. The company has a market cap of $4.39 billion, a price-to-earnings ratio of 73.01 and a beta of 1.51. Novanta Inc. has a 1 year low of $98.76 and a 1 year high of $187.12. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.68 by $0.06. The company had revenue of $233.37 million during the quarter, compared to analyst estimates of $233.34 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The company's revenue for the quarter 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, analysts forecast that Novanta Inc. will post 3.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.