Novanta Inc. (NASDAQ:NOVT) to Post Q3 2024 Earnings of $0.86 Per Share, William Blair Forecasts

Novanta Inc. (NASDAQ:NOVT) – Equities research analysts at William Blair reduced their Q3 2024 earnings per share estimates for shares of Novanta in a research report issued on Tuesday, August 6th. William Blair analyst B. Drab now anticipates that the technology company will earn $0.86 per share for the quarter, down from their previous estimate of $0.89. The consensus estimate for Novanta’s current full-year earnings is $3.26 per share. William Blair also issued estimates for Novanta’s Q4 2024 earnings at $0.97 EPS, FY2024 earnings at $3.30 EPS and FY2025 earnings at $4.05 EPS.

Separately, Robert W. Baird boosted their price target on Novanta from $170.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday.

Novanta Price Performance

Shares of NASDAQ:NOVT traded down $2.89 on Thursday, reaching $171.22. 159,658 shares of the company were exchanged, compared to its average volume of 141,034. The company has a 50-day moving average of $167.76 and a 200-day moving average of $165.42. The company has a current ratio of 2.83, a quick ratio of 1.77 and a debt-to-equity ratio of 0.75. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 88.99 and a beta of 1.31. Novanta has a 1-year low of $111.20 and a 1-year high of $187.12.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.73 EPS for the quarter, beating the consensus estimate of $0.69 by $0.04. The firm had revenue of $235.86 million during the quarter, compared to the consensus estimate of $233.63 million. Novanta had a return on equity of 16.58% and a net margin of 7.76%. The firm’s revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 EPS.

Insider Activity

In related news, Director Thomas N. Secor sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $158.60, for a total value of $158,600.00. Following the sale, the director now owns 928 shares of the company’s stock, valued at approximately $147,180.80. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Thomas N. Secor sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $158.60, for a total value of $158,600.00. Following the completion of the transaction, the director now owns 928 shares of the company’s stock, valued at $147,180.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Robert Buckley sold 1,830 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $161.09, for a total transaction of $294,794.70. Following the sale, the chief financial officer now owns 120,419 shares in the company, valued at approximately $19,398,296.71. The disclosure for this sale can be found here. Insiders have sold 11,684 shares of company stock worth $1,978,901 over the last ninety days. 1.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Novanta

Several institutional investors have recently added to or reduced their stakes in the business. Fifth Third Bancorp increased its stake in shares of Novanta by 12.1% during the 1st quarter. Fifth Third Bancorp now owns 743 shares of the technology company’s stock valued at $130,000 after acquiring an additional 80 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Novanta by 67.5% during the 4th quarter. First Horizon Advisors Inc. now owns 211 shares of the technology company’s stock valued at $36,000 after buying an additional 85 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Novanta by 1.3% during the 2nd quarter. Victory Capital Management Inc. now owns 7,526 shares of the technology company’s stock worth $1,228,000 after buying an additional 99 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of Novanta by 1.7% in the 1st quarter. New York State Teachers Retirement System now owns 5,876 shares of the technology company’s stock worth $1,027,000 after buying an additional 100 shares during the period. Finally, Signaturefd LLC boosted its holdings in Novanta by 38.3% in the second quarter. Signaturefd LLC now owns 361 shares of the technology company’s stock valued at $59,000 after acquiring an additional 100 shares during the last quarter. 98.35% of the stock is currently owned by institutional investors and hedge funds.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.