Analysts Expect Novanta Inc (NOVT) to Post $0.52 EPS

Shares of Novanta Inc (NASDAQ:NOVT) have been given a consensus broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company.

Analysts have set a 1-year consensus price objective of $70.00 for the company and are expecting that the company will post $0.52 earnings per share for the current quarter, according to Zacks. Zacks has also given Novanta an industry rank of 106 out of 255 based on the ratings given to its competitors.

A number of analysts have recently weighed in on the stock. ValuEngine cut shares of Novanta from a “buy” rating to a “hold” rating in a report on Saturday, October 6th. BidaskClub cut shares of Novanta from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 26th. Finally, Zacks Investment Research cut shares of Novanta from a “buy” rating to a “hold” rating in a report on Wednesday.

In related news, CFO Robert Buckley sold 13,487 shares of Novanta stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $72.90, for a total value of $983,202.30. Following the completion of the sale, the chief financial officer now directly owns 157,027 shares in the company, valued at approximately $11,447,268.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Peter L. Chang sold 3,680 shares of Novanta stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $70.63, for a total transaction of $259,918.40. Following the completion of the sale, the vice president now owns 36,132 shares of the company’s stock, valued at $2,552,003.16. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. State of Wisconsin Investment Board acquired a new stake in Novanta in the 2nd quarter worth approximately $1,184,000. Zions Bancorporation acquired a new stake in Novanta in the 2nd quarter worth approximately $220,000. BlackRock Inc. boosted its stake in Novanta by 1.4% in the 1st quarter. BlackRock Inc. now owns 2,047,772 shares of the technology company’s stock worth $106,792,000 after purchasing an additional 27,352 shares in the last quarter. Koch Industries Inc. acquired a new stake in Novanta in the 1st quarter worth approximately $333,000. Finally, Fred Alger Management Inc. acquired a new stake in Novanta in the 2nd quarter worth approximately $2,788,000. Institutional investors own 85.75% of the company’s stock.

Shares of NASDAQ:NOVT traded up $2.33 during trading on Friday, reaching $64.11. The stock had a trading volume of 199,988 shares, compared to its average volume of 219,743. Novanta has a one year low of $43.65 and a one year high of $78.85. The stock has a market capitalization of $2.37 billion, a P/E ratio of 40.07 and a beta of 1.59. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.14 and a current ratio of 3.18.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.02. Novanta had a net margin of 5.14% and a return on equity of 19.99%. The business had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $147.26 million. During the same period last year, the business earned $0.41 EPS. The company’s revenue was up 26.3% compared to the same quarter last year. On average, research analysts forecast that Novanta will post 2 EPS for the current year.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, designs, manufactures, markets, and sells photonics, vision, and precision motion components and sub-systems to original equipment manufacturers in the medical and industrial markets worldwide. The company's Photonics segment offers photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products for photonics-based applications, such as industrial material processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.

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