Brokerages Expect Novanta Inc (NOVT) to Announce $0.40 EPS

Shares of Novanta Inc (NASDAQ:NOVT) have been given a consensus broker rating score of 1.00 (Strong Buy) from the two analysts that cover the stock, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy recommendation.

Brokers have set a twelve-month consensus target price of $58.00 for the company and are predicting that the company will post $0.40 EPS for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 105 out of 265 based on the ratings given to related companies.

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Several research firms recently weighed in on NOVT. Zacks Investment Research downgraded Novanta from a “buy” rating to a “hold” rating in a research report on Friday. Robert W. Baird restated a “buy” rating on shares of Novanta in a report on Thursday, March 1st. William Blair began coverage on Novanta in a report on Tuesday, February 27th. They issued an “outperform” rating on the stock. Finally, BidaskClub upgraded Novanta from a “hold” rating to a “buy” rating in a report on Thursday, February 22nd.

NOVT stock opened at $52.15 on Friday. Novanta has a 12-month low of $25.95 and a 12-month high of $60.30. The firm has a market capitalization of $1,959.92, a PE ratio of 45.75 and a beta of 1.33. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.00 and a current ratio of 2.93.

Novanta (NASDAQ:NOVT) last released its earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The firm had revenue of $146.92 million for the quarter, compared to the consensus estimate of $146.35 million. During the same period in the prior year, the business posted $0.35 earnings per share. The firm’s revenue for the quarter was up 48.6% compared to the same quarter last year. analysts predict that Novanta will post 1.92 EPS for the current fiscal year.

In other news, CFO Robert Buckley sold 8,764 shares of the firm’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $56.83, for a total value of $498,058.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 26,394 shares of company stock worth $1,480,917. Company insiders own 8.30% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC purchased a new position in shares of Novanta in the 4th quarter worth about $1,062,000. MetLife Investment Advisors LLC purchased a new position in shares of Novanta in the 4th quarter worth about $767,000. Vident Investment Advisory LLC purchased a new position in shares of Novanta in the 4th quarter worth about $19,439,000. Jane Street Group LLC raised its holdings in shares of Novanta by 144.4% in the 4th quarter. Jane Street Group LLC now owns 13,128 shares of the technology company’s stock worth $656,000 after purchasing an additional 7,757 shares during the period. Finally, Teachers Advisors LLC raised its holdings in shares of Novanta by 1.8% in the 4th quarter. Teachers Advisors LLC now owns 78,344 shares of the technology company’s stock worth $3,917,000 after purchasing an additional 1,415 shares during the period. Institutional investors own 82.66% of the company’s stock.

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Novanta Company Profile

Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.

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