Brokerages Anticipate Novanta Inc (NOVT) to Announce $0.52 Earnings Per Share
Novanta Inc (NASDAQ:NOVT) has been assigned 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 assigned a strong buy rating to the company.
Analysts have set a 1-year consensus target price of $70.00 for the company and are forecasting that the company will post $0.52 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 61 out of 255 based on the ratings given to its competitors.
NOVT has been the topic of several recent research reports. Zacks Investment Research cut shares of Novanta from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. BidaskClub lowered shares of Novanta from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 21st. Finally, ValuEngine lowered shares of Novanta from a “buy” rating to a “hold” rating in a research report on Saturday, October 6th.
Novanta (NASDAQ:NOVT) last announced its earnings results on Wednesday, August 8th. The technology company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.02. The firm had revenue of $150.40 million for the quarter, compared to analysts’ expectations of $147.26 million. Novanta had a net margin of 5.14% and a return on equity of 19.99%. The business’s revenue was up 26.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.41 EPS. On average, equities analysts predict that Novanta will post 2 EPS for the current fiscal year.
In related news, CFO Robert Buckley sold 13,487 shares of the stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $72.90, for a total value of $983,202.30. Following the sale, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at approximately $11,447,268.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Peter L. Chang sold 3,680 shares of the stock in a transaction dated 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 directly owns 36,132 shares in the company, valued at $2,552,003.16. The disclosure for this sale can be found here. Corporate insiders own 6.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. raised its position in Novanta by 2,010.2% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,102 shares of the technology company’s stock worth $158,000 after purchasing an additional 2,955 shares during the period. Envestnet Asset Management Inc. raised its position in Novanta by 58.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,571 shares of the technology company’s stock worth $160,000 after purchasing an additional 951 shares during the period. Advisory Services Network LLC raised its position in Novanta by 430.0% in the 2nd quarter. Advisory Services Network LLC now owns 2,650 shares of the technology company’s stock worth $182,000 after purchasing an additional 2,150 shares during the period. Zions Bancorporation purchased a new stake in Novanta in the 2nd quarter worth about $220,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in Novanta in the 1st quarter worth about $237,000. 85.66% of the stock is currently owned by institutional investors.
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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