Shares of Novanta Inc (NASDAQ:NOVT) have earned an average broker rating score of 1.00 (Strong Buy) from the two analysts that cover the company, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation.
Brokerages have set a 12-month consensus price objective of $58.00 for the company and are forecasting that the company will post $0.40 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 129 out of 265 based on the ratings given to its competitors.
Several equities research analysts have recently commented on the company. Robert W. Baird reissued a “buy” rating on shares of Novanta in a research note on Thursday, March 1st. William Blair assumed coverage on Novanta in a research note on Tuesday, February 27th. They set an “outperform” rating on the stock. Finally, BidaskClub raised Novanta from a “hold” rating to a “buy” rating in a research note on Thursday, February 22nd.
In related news, CFO Robert Buckley sold 8,764 shares of the company’s stock in a transaction that occurred on 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 document filed with the SEC, which is accessible through this hyperlink. 8.30% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Sterling Capital Management LLC purchased a new stake in Novanta in the 4th quarter valued at approximately $1,062,000. MetLife Investment Advisors LLC purchased a new stake in Novanta in the 4th quarter valued at approximately $767,000. Vident Investment Advisory LLC purchased a new stake in Novanta in the 4th quarter valued at approximately $19,439,000. Jane Street Group LLC lifted its stake in Novanta by 144.4% in the 4th quarter. Jane Street Group LLC now owns 13,128 shares of the technology company’s stock valued at $656,000 after buying an additional 7,757 shares in the last quarter. Finally, Teachers Advisors LLC lifted its stake in Novanta by 1.8% in the 4th quarter. Teachers Advisors LLC now owns 78,344 shares of the technology company’s stock valued at $3,917,000 after buying an additional 1,415 shares in the last quarter. 82.74% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Novanta (NASDAQ NOVT) opened at $56.95 on Friday. The company has a market capitalization of $1,968.57, a P/E ratio of 49.96 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 has a 52 week low of $25.95 and a 52 week high of $60.30.
Novanta (NASDAQ:NOVT) last announced its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. The business had revenue of $146.92 million for the quarter, compared to analyst estimates of $146.35 million. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The company’s quarterly revenue was up 48.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.35 EPS. research analysts expect that Novanta will post 1.92 earnings per share for the current fiscal year.
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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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