$154.35 Million in Sales Expected for Novanta Inc (NOVT) This Quarter

Analysts expect Novanta Inc (NASDAQ:NOVT) to announce $154.35 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Novanta’s earnings. The lowest sales estimate is $154.18 million and the highest is $154.52 million. Novanta reported sales of $146.30 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 5.5%. The company is expected to issue its next earnings report on Wednesday, November 7th.

On average, analysts expect that Novanta will report full year sales of $604.76 million for the current financial year, with estimates ranging from $604.04 million to $605.47 million. For the next financial year, analysts expect that the business will post sales of $644.48 million, with estimates ranging from $643.48 million to $645.48 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Novanta.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.02. The company had revenue of $150.40 million for the quarter, compared to the consensus estimate of $147.26 million. Novanta had a net margin of 5.14% and a return on equity of 19.99%. The firm’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.41 earnings per share.

A number of research analysts recently weighed in on NOVT shares. BidaskClub downgraded shares of Novanta from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 26th. Zacks Investment Research downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Finally, ValuEngine downgraded shares of Novanta from a “buy” rating to a “hold” rating in a research report on Saturday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $64.00.

Shares of Novanta stock opened at $65.29 on Friday. The company has a market cap of $2.37 billion, a P/E ratio of 40.81 and a beta of 1.59. Novanta has a twelve month low of $43.55 and a twelve month high of $78.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.14 and a current ratio of 3.18.

In other Novanta news, CFO Robert Buckley sold 13,487 shares of the company’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $72.90, for a total transaction of $983,202.30. Following the completion of the sale, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at $11,447,268.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Peter L. Chang sold 3,680 shares of the company’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $70.63, for a total transaction of $259,918.40. Following the sale, the vice president now directly owns 36,132 shares of the company’s stock, valued at $2,552,003.16. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in NOVT. State of Wisconsin Investment Board purchased a new stake in shares of Novanta in the second quarter worth $1,184,000. Zions Bancorporation purchased a new stake in shares of Novanta in the second quarter worth $220,000. BlackRock Inc. increased its stake in shares of Novanta by 1.4% in the first quarter. BlackRock Inc. now owns 2,047,772 shares of the technology company’s stock worth $106,792,000 after purchasing an additional 27,352 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of Novanta in the first quarter worth $333,000. Finally, Fred Alger Management Inc. purchased a new stake in shares of Novanta in the second quarter worth $2,788,000. 85.75% of the stock is owned by institutional investors and hedge funds.

Novanta Company Profile

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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