Wall Street analysts expect Novanta Inc (NASDAQ:NOVT) to announce $154.58 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Novanta’s earnings, with estimates ranging from $154.31 million to $154.85 million. Novanta posted sales of $150.40 million in the same quarter last year, which suggests a positive year-over-year growth rate of 2.8%. The firm is expected to report its next quarterly earnings report on Wednesday, August 14th.
On average, analysts expect that Novanta will report full year sales of $646.67 million for the current fiscal year, with estimates ranging from $646.37 million to $646.96 million. For the next year, analysts expect that the firm will post sales of $689.69 million, with estimates ranging from $687.73 million to $691.64 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Novanta.
Novanta (NASDAQ:NOVT) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.04. The company had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $155.85 million. Novanta had a return on equity of 19.26% and a net margin of 7.92%. Novanta’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned $0.47 earnings per share.
Several analysts recently issued reports on the company. BidaskClub cut Novanta from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research note on Saturday, May 11th.
In other Novanta news, CEO Matthijs Glastra sold 30,100 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 123,448 shares in the company, valued at $11,506,588.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.90% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Punch & Associates Investment Management Inc. lifted its holdings in Novanta by 1.9% in the first quarter. Punch & Associates Investment Management Inc. now owns 91,773 shares of the technology company’s stock worth $7,776,000 after buying an additional 1,755 shares during the period. OppenheimerFunds Inc. lifted its holdings in Novanta by 1.7% in the first quarter. OppenheimerFunds Inc. now owns 659,600 shares of the technology company’s stock worth $55,888,000 after buying an additional 11,278 shares during the period. Campbell & CO Investment Adviser LLC purchased a new stake in Novanta in the first quarter worth about $286,000. Federated Investors Inc. PA lifted its holdings in Novanta by 31.8% in the first quarter. Federated Investors Inc. PA now owns 160,000 shares of the technology company’s stock worth $13,557,000 after buying an additional 38,600 shares during the period. Finally, Artisan Partners Limited Partnership lifted its holdings in Novanta by 2.4% in the first quarter. Artisan Partners Limited Partnership now owns 815,425 shares of the technology company’s stock worth $69,091,000 after buying an additional 18,898 shares during the period. Institutional investors and hedge funds own 87.13% of the company’s stock.
NASDAQ NOVT opened at $92.16 on Thursday. The company has a quick ratio of 1.78, a current ratio of 2.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $3.23 billion, a PE ratio of 41.70 and a beta of 1.53. Novanta has a 1 year low of $55.68 and a 1 year high of $96.31. The business has a 50-day simple moving average of $85.72.
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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