Novanta Inc (NASDAQ:NOVT) has earned an average broker rating score of 2.00 (Buy) from the two brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company.
Brokers have set a 1 year consensus price target of $81.00 for the company and are predicting that the company will post $0.49 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 192 out of 255 based on the ratings given to related companies.
A number of equities research analysts have weighed in on NOVT shares. Zacks Investment Research raised shares of Novanta from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a report on Saturday, March 2nd. BidaskClub raised shares of Novanta from a “hold” rating to a “buy” rating in a research note on Friday, December 21st. Finally, Robert W. Baird boosted their target price on shares of Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, February 28th.
In other news, CAO Peter L. Chang sold 5,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $81.14, for a total transaction of $405,700.00. Following the completion of the sale, the chief accounting officer now owns 24,760 shares in the company, valued at approximately $2,009,026.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.70% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its holdings in shares of Novanta by 106.3% during the fourth quarter. Bank of Montreal Can now owns 462 shares of the technology company’s stock valued at $29,000 after purchasing an additional 238 shares during the last quarter. Strs Ohio purchased a new position in Novanta in the 4th quarter worth about $31,000. Oppenheimer Asset Management Inc. acquired a new stake in Novanta during the 4th quarter worth about $75,000. BlueMountain Capital Management LLC acquired a new stake in Novanta during the 3rd quarter worth about $110,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new stake in Novanta during the 4th quarter worth about $202,000. 85.95% of the stock is owned by institutional investors and hedge funds.
NOVT opened at $87.76 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.70 and a current ratio of 2.70. The firm has a market capitalization of $3.02 billion, a PE ratio of 40.63 and a beta of 1.49. Novanta has a one year low of $50.80 and a one year high of $88.44.
Novanta (NASDAQ:NOVT) last announced its earnings results on Wednesday, February 27th. The technology company reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.04. The business had revenue of $156.20 million during the quarter, compared to analysts’ expectations of $154.51 million. Novanta had a return on equity of 19.48% and a net margin of 7.99%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the business posted $0.44 earnings per share. On average, research analysts forecast that Novanta will post 2.35 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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