Equities research analysts forecast that Novanta Inc (NASDAQ:NOVT) will announce $0.52 earnings per share (EPS) for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Novanta’s earnings, with estimates ranging from $0.51 to $0.52. Novanta reported earnings of $0.61 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 14.8%. The company is expected to report its next earnings results on Tuesday, November 5th.
According to Zacks, analysts expect that Novanta will report full-year earnings of $2.22 per share for the current year, with EPS estimates ranging from $2.20 to $2.23. For the next year, analysts anticipate that the firm will report earnings of $2.63 per share, with EPS estimates ranging from $2.60 to $2.65. Zacks’ EPS averages are an average based on a survey of analysts that follow Novanta.
Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.54 earnings per share for the quarter, meeting the consensus estimate of $0.54. Novanta had a return on equity of 19.49% and a net margin of 7.76%. The business had revenue of $155.10 million for the quarter, compared to analyst estimates of $154.47 million. During the same period in the previous year, the company posted $0.51 EPS. The company’s revenue was up 3.1% compared to the same quarter last year.
Several research firms recently weighed in on NOVT. BidaskClub lowered Novanta from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Zacks Investment Research lowered Novanta from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th.
NASDAQ:NOVT traded up $1.81 during trading hours on Friday, hitting $73.90. 176,770 shares of the company’s stock traded hands, compared to its average volume of 153,330. The firm has a market cap of $2.53 billion, a P/E ratio of 34.21 and a beta of 1.49. Novanta has a twelve month low of $55.68 and a twelve month high of $96.31. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.74 and a current ratio of 2.89. The stock’s fifty day moving average price is $84.40 and its two-hundred day moving average price is $83.10.
In other Novanta news, CFO Robert Buckley sold 16,277 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $91.06, for a total value of $1,482,183.62. Following the transaction, the chief financial officer now directly owns 158,803 shares in the company, valued at approximately $14,460,601.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthijs Glastra sold 30,100 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $93.21, for a total value of $2,805,621.00. Following the completion of the transaction, the chief executive officer now owns 123,448 shares in the company, valued at $11,506,588.08. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System increased its holdings in shares of Novanta by 1.5% during the second quarter. California Public Employees Retirement System now owns 61,604 shares of the technology company’s stock worth $5,809,000 after buying an additional 897 shares in the last quarter. Waddell & Reed Financial Inc. increased its stake in Novanta by 123.4% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 270,201 shares of the technology company’s stock valued at $25,480,000 after buying an additional 149,244 shares during the last quarter. Essex Investment Management Co. LLC increased its stake in Novanta by 16.9% in the 2nd quarter. Essex Investment Management Co. LLC now owns 70,585 shares of the technology company’s stock valued at $6,656,000 after buying an additional 10,205 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in Novanta in the 2nd quarter valued at about $22,352,000. Finally, UBS Asset Management Americas Inc. increased its stake in Novanta by 23.1% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 28,352 shares of the technology company’s stock valued at $2,674,000 after buying an additional 5,327 shares during the last quarter. Hedge funds and other institutional investors own 87.16% of the company’s stock.
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.
See Also: What are catch-up contributions?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Novanta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novanta and related companies with MarketBeat.com's FREE daily email newsletter.