Zacks: Novanta Inc (NOVT) Receives Average Rating of “Buy” from Analysts

Novanta Inc (NASDAQ:NOVT) has been assigned an average broker rating score of 2.00 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation and one has given a strong buy recommendation to the company.

Brokers have set a twelve-month consensus price target of $83.00 for the company and are anticipating that the company will post $0.54 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Novanta an industry rank of 155 out of 256 based on the ratings given to its competitors.

Several research analysts recently commented on the company. BidaskClub cut Novanta from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 13th. Robert W. Baird boosted their price target on Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a research note on Thursday, February 28th. Finally, Zacks Investment Research cut Novanta from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 5th.

In other Novanta news, CAO Peter L. Chang sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $81.14, for a total transaction of $405,700.00. Following the sale, the chief accounting officer now owns 24,760 shares in the company, valued at $2,009,026.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in Novanta by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,763 shares of the technology company’s stock worth $600,000 after acquiring an additional 1,076 shares during the period. Jane Street Group LLC purchased a new stake in shares of Novanta during the third quarter worth about $363,000. Man Group plc purchased a new stake in shares of Novanta during the third quarter worth about $237,000. Neuberger Berman Group LLC grew its stake in shares of Novanta by 29.2% during the third quarter. Neuberger Berman Group LLC now owns 1,762,519 shares of the technology company’s stock worth $120,556,000 after acquiring an additional 398,663 shares during the last quarter. Finally, Teachers Advisors LLC grew its stake in shares of Novanta by 12.7% during the third quarter. Teachers Advisors LLC now owns 91,584 shares of the technology company’s stock worth $6,264,000 after acquiring an additional 10,303 shares during the last quarter. Hedge funds and other institutional investors own 85.84% of the company’s stock.

Shares of NASDAQ:NOVT traded up $0.37 during trading on Tuesday, hitting $82.74. The company’s stock had a trading volume of 252,367 shares, compared to its average volume of 141,676. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.70 and a current ratio of 2.83. Novanta has a fifty-two week low of $55.68 and a fifty-two week high of $89.78. The stock has a market cap of $2.88 billion, a price-to-earnings ratio of 38.31 and a beta of 1.46.

Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.04. Novanta had a return on equity of 19.26% and a net margin of 7.92%. The business had revenue of $157.20 million for the quarter, compared to analysts’ expectations of $155.85 million. During the same quarter in the previous year, the firm posted $0.47 earnings per share. The company’s revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts predict that Novanta will post 2.41 EPS for the current year.

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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