Zacks: Brokerages Expect Novanta Inc (NASDAQ:NOVT) to Announce $0.52 Earnings Per Share

Wall Street brokerages expect Novanta Inc (NASDAQ:NOVT) to report earnings of $0.52 per share for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Novanta’s earnings. The highest EPS estimate is $0.52 and the lowest is $0.51. Novanta reported earnings of $0.61 per share in the same quarter last year, which suggests a negative year over year growth rate of 14.8%. The firm is expected to report its next quarterly earnings results on Tuesday, November 5th.

On average, analysts expect that Novanta will report full-year earnings of $2.22 per share for the current financial year, with EPS estimates ranging from $2.20 to $2.23. For the next financial 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 calculations are an average based on a survey of research analysts that cover Novanta.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.54 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.54. The firm had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $154.47 million. Novanta had a return on equity of 19.49% and a net margin of 7.76%. Novanta’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.51 EPS.

NOVT has been the topic of a number of recent analyst reports. Zacks Investment Research lowered Novanta from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th. BidaskClub raised Novanta from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th.

Shares of NOVT traded up $0.66 during trading on Tuesday, reaching $80.60. The company’s stock had a trading volume of 407 shares, compared to its average volume of 149,825. The company has a fifty day moving average of $78.26 and a two-hundred day moving average of $83.28. Novanta has a twelve month low of $55.68 and a twelve month high of $96.31. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 37.43 and a beta of 1.48. The company has a quick ratio of 1.74, a current ratio of 2.89 and a debt-to-equity ratio of 0.65.

In other Novanta news, CFO Robert Buckley sold 16,277 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $14,460,601.18. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.90% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Invesco Ltd. grew its stake in shares of Novanta by 2,775.1% during the second quarter. Invesco Ltd. now owns 708,599 shares of the technology company’s stock worth $66,821,000 after purchasing an additional 683,953 shares during the period. Wasatch Advisors Inc. acquired a new position in Novanta during the 2nd quarter valued at about $33,591,000. Nuveen Asset Management LLC acquired a new position in Novanta during the 2nd quarter valued at about $22,352,000. GW&K Investment Management LLC acquired a new position in Novanta during the 2nd quarter valued at about $17,422,000. Finally, Waddell & Reed Financial Inc. boosted its stake in Novanta by 123.4% during the 2nd quarter. Waddell & Reed Financial Inc. now owns 270,201 shares of the technology company’s stock valued at $25,480,000 after purchasing an additional 149,244 shares during the last quarter. 87.26% 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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