Equities analysts predict that Novanta Inc (NASDAQ:NOVT) will report sales of $139.58 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Novanta’s earnings, with the lowest sales estimate coming in at $139.25 million and the highest estimate coming in at $139.91 million. Novanta reported sales of $108.97 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 28.1%. The firm is expected to announce its next quarterly earnings results on Monday, May 14th.
According to Zacks, analysts expect that Novanta will report full year sales of $139.58 million for the current fiscal year, with estimates ranging from $593.24 million to $599.18 million. For the next financial year, analysts anticipate that the firm will report sales of $631.89 million per share, with estimates ranging from $631.80 million to $631.99 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow Novanta.
Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.03. The business had revenue of $146.92 million for the quarter, compared to the consensus estimate of $146.35 million. Novanta had a net margin of 9.80% and a return on equity of 18.52%. Novanta’s revenue for the quarter was up 48.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share.
In other Novanta news, CFO Robert Buckley sold 8,764 shares of the stock in a transaction on Monday, March 12th. The shares were sold at an average price of $56.83, for a total transaction of $498,058.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold 26,394 shares of company stock worth $1,480,917 over the last three months. Company insiders own 8.30% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN boosted its holdings in Novanta by 25.5% during the fourth quarter. Wells Fargo & Company MN now owns 2,302,770 shares of the technology company’s stock valued at $115,139,000 after acquiring an additional 467,585 shares during the period. Vident Investment Advisory LLC bought a new stake in Novanta during the fourth quarter valued at about $19,439,000. Artisan Partners Limited Partnership boosted its holdings in Novanta by 269.5% during the third quarter. Artisan Partners Limited Partnership now owns 456,731 shares of the technology company’s stock valued at $19,913,000 after acquiring an additional 333,128 shares during the period. Neuberger Berman Group LLC bought a new stake in Novanta during the third quarter valued at about $13,819,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Novanta by 305.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 312,675 shares of the technology company’s stock valued at $15,634,000 after acquiring an additional 235,474 shares during the period. 82.66% of the stock is currently owned by hedge funds and other institutional investors.
Novanta stock traded down $1.20 during mid-day trading on Friday, hitting $51.05. 120,636 shares of the company’s stock were exchanged, compared to its average volume of 218,001. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.93 and a quick ratio of 2.00. The company has a market capitalization of $1,790.39, a price-to-earnings ratio of 31.91 and a beta of 1.47. Novanta has a 1-year low of $26.00 and a 1-year high of $60.30.
TRADEMARK VIOLATION NOTICE: “Brokerages Expect Novanta Inc (NOVT) Will Post Quarterly Sales of $139.58 Million” was posted by Ticker Report and is the sole property of of Ticker Report. If you are reading this news story on another domain, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The original version of this news story can be read at https://www.tickerreport.com/banking-finance/3336570/brokerages-expect-novanta-inc-novt-will-post-quarterly-sales-of-139-58-million.html.
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.
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.