Analysts Expect Novanta Inc (NASDAQ:NOVT) to Post $0.54 EPS

Novanta Inc (NASDAQ:NOVT) has received an average broker rating score of 2.00 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company.

Brokers have set a 1-year consensus price target of $85.00 for the company and are forecasting that the company will post $0.54 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 184 out of 255 based on the ratings given to its competitors.

Several brokerages recently issued reports on NOVT. Zacks Investment Research raised shares of Novanta from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th. BidaskClub lowered shares of Novanta from a “buy” rating to a “hold” rating in a research report on Friday, December 27th.

Shares of NASDAQ NOVT traded up $0.83 during midday trading on Friday, reaching $92.99. 3,692 shares of the company’s stock traded hands, compared to its average volume of 113,697. The company has a quick ratio of 1.43, a current ratio of 2.38 and a debt-to-equity ratio of 0.64. The stock’s 50 day simple moving average is $89.83 and its 200-day simple moving average is $84.60. Novanta has a one year low of $64.48 and a one year high of $96.31. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 43.05 and a beta of 1.47.

Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, November 5th. The technology company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.01. Novanta had a net margin of 6.94% and a return on equity of 20.01%. The firm had revenue of $154.10 million for the quarter, compared to the consensus estimate of $155.04 million. During the same period last year, the firm earned $0.61 earnings per share. The company’s quarterly revenue was down 4.2% on a year-over-year basis. Equities analysts predict that Novanta will post 2.14 EPS for the current fiscal year.

In other news, CEO Matthijs Glastra sold 8,000 shares of Novanta stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $89.53, for a total value of $716,240.00. Following the sale, the chief executive officer now owns 90,848 shares in the company, valued at $8,133,621.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen W. Bershad sold 400,000 shares of Novanta stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.28, for a total transaction of $34,912,000.00. 4.90% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Anderson Hoagland & Co. grew its position in shares of Novanta by 0.9% in the fourth quarter. Anderson Hoagland & Co. now owns 21,724 shares of the technology company’s stock valued at $2,024,000 after purchasing an additional 199 shares during the period. Metropolitan Life Insurance Co NY boosted its position in Novanta by 9.1% during the third quarter. Metropolitan Life Insurance Co NY now owns 10,812 shares of the technology company’s stock worth $884,000 after acquiring an additional 900 shares during the last quarter. Squarepoint Ops LLC boosted its position in Novanta by 18.2% during the third quarter. Squarepoint Ops LLC now owns 17,401 shares of the technology company’s stock worth $1,422,000 after acquiring an additional 2,676 shares during the last quarter. Voloridge Investment Management LLC boosted its position in Novanta by 74.7% during the third quarter. Voloridge Investment Management LLC now owns 8,014 shares of the technology company’s stock worth $655,000 after acquiring an additional 3,426 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in Novanta by 15.9% during the third quarter. Public Employees Retirement System of Ohio now owns 32,047 shares of the technology company’s stock worth $2,619,000 after acquiring an additional 4,407 shares during the last quarter. Institutional investors and hedge funds own 88.83% of the company’s stock.

About Novanta

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.

Recommended Story: Sell-Side Analysts

Get a free copy of the Zacks research report on Novanta (NOVT)

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.