Analysts Expect Novanta Inc (NOVT) to Announce $0.54 Earnings Per Share

Novanta Inc (NASDAQ:NOVT) has earned an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company.

Brokers have set a 1 year consensus target price of $83.00 for the company and are expecting that the company will post $0.54 EPS for the current quarter, according to Zacks. Zacks has also given Novanta an industry rank of 159 out of 256 based on the ratings given to related companies.

NOVT has been the topic of several analyst reports. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Wednesday, February 6th. BidaskClub raised Novanta from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 2nd. Finally, Robert W. Baird increased their target price on Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, February 28th.

NASDAQ NOVT traded up $1.10 during trading hours on Tuesday, hitting $81.06. The company had a trading volume of 117,170 shares, compared to its average volume of 151,545. Novanta has a fifty-two week low of $55.68 and a fifty-two week high of $89.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.83 and a quick ratio of 1.70. The firm has a market capitalization of $2.80 billion, a PE ratio of 37.53 and a beta of 1.46.

Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.04. Novanta had a return on equity of 19.26% and a net margin of 7.92%. The firm had revenue of $157.20 million for the quarter, compared to analyst estimates of $155.85 million. During the same period last year, the company earned $0.47 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts expect that Novanta will post 2.41 earnings per share for the current fiscal year.

In other news, CAO Peter L. Chang sold 5,000 shares of the firm’s 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 transaction, the chief accounting officer now directly owns 24,760 shares of the company’s stock, valued at $2,009,026.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.90% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of NOVT. Bank of Montreal Can increased 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 period. Strs Ohio acquired a new position in shares of Novanta during the fourth quarter valued at $31,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Novanta during the fourth quarter valued at $75,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Novanta during the fourth quarter valued at $202,000. Finally, US Bancorp DE grew its holdings in Novanta by 21.7% during the first quarter. US Bancorp DE now owns 2,651 shares of the technology company’s stock worth $225,000 after acquiring an additional 473 shares during the period. 85.84% of the stock is currently owned by institutional investors.

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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