$154.58 Million in Sales Expected for Novanta Inc (NOVT) This Quarter

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Equities research analysts expect Novanta Inc (NASDAQ:NOVT) to report sales of $154.58 million for the current quarter, Zacks reports. Two analysts have issued estimates for Novanta’s earnings, with estimates ranging from $154.31 million to $154.85 million. Novanta posted sales of $150.40 million during the same quarter last year, which suggests a positive year-over-year growth rate of 2.8%. The company is scheduled to issue its next 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 forecast that the company will post sales of $689.69 million, with estimates ranging from $687.73 million to $691.64 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Novanta.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.04. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The business had revenue of $157.20 million during the quarter, compared to the consensus estimate of $155.85 million. During the same quarter last year, the company posted $0.47 earnings per share. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year.

A number of brokerages have weighed in on NOVT. Zacks Investment Research lowered shares of Novanta from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. BidaskClub lowered shares of Novanta from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 18th. Finally, Robert W. Baird increased their target price on shares of Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, February 28th.

In other Novanta news, CAO Peter L. Chang sold 5,000 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $81.14, for a total transaction of $405,700.00. Following the completion of the transaction, the chief accounting officer now owns 24,760 shares in the company, valued at $2,009,026.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.90% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Novanta by 36.3% in the third quarter. Vanguard Group Inc. now owns 2,951,177 shares of the technology company’s stock valued at $201,861,000 after acquiring an additional 785,554 shares during the period. BlackRock Inc. boosted its position in shares of Novanta by 3.7% in the fourth quarter. BlackRock Inc. now owns 2,273,355 shares of the technology company’s stock valued at $143,221,000 after acquiring an additional 82,008 shares during the period. Artisan Partners Limited Partnership boosted its position in shares of Novanta by 2.4% in the first quarter. Artisan Partners Limited Partnership now owns 815,425 shares of the technology company’s stock valued at $69,091,000 after acquiring an additional 18,898 shares during the period. Conestoga Capital Advisors LLC boosted its position in shares of Novanta by 1.0% in the first quarter. Conestoga Capital Advisors LLC now owns 677,832 shares of the technology company’s stock valued at $57,433,000 after acquiring an additional 6,935 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in shares of Novanta by 1.7% in the first quarter. OppenheimerFunds Inc. now owns 659,600 shares of the technology company’s stock valued at $55,888,000 after acquiring an additional 11,278 shares during the period. Hedge funds and other institutional investors own 85.82% of the company’s stock.

NASDAQ:NOVT traded up $0.36 on Friday, reaching $79.37. 720 shares of the company’s stock were exchanged, compared to its average volume of 150,027. 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 firm has a market capitalization of $2.79 billion, a PE ratio of 36.58 and a beta of 1.46. Novanta has a 52 week low of $55.68 and a 52 week high of $89.78.

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.

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