Novanta Inc to Post Q2 2019 Earnings of $0.54 Per Share, William Blair Forecasts (NOVT)

Novanta Inc (NASDAQ:NOVT) – Equities researchers at William Blair cut their Q2 2019 earnings per share (EPS) estimates for shares of Novanta in a research note issued to investors on Wednesday, May 8th. William Blair analyst B. Drab now forecasts that the technology company will post earnings of $0.54 per share for the quarter, down from their previous forecast of $0.60.

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

NOVT has been the subject of a number of other research reports. BidaskClub cut Novanta from a “strong-buy” rating to a “buy” rating in a research report 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 report on Thursday, February 28th. Finally, Zacks Investment Research cut Novanta from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 5th.

Shares of NASDAQ:NOVT opened at $81.06 on Monday. Novanta has a fifty-two week low of $55.68 and a fifty-two week high of $89.78. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 37.53 and a beta of 1.46. The company has a quick ratio of 1.70, a current ratio of 2.83 and a debt-to-equity ratio of 0.61.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can lifted its position in shares of Novanta by 106.3% during the 4th quarter. Bank of Montreal Can now owns 462 shares of the technology company’s stock worth $29,000 after purchasing an additional 238 shares during the last quarter. Strs Ohio acquired a new position in shares of Novanta during the 4th quarter worth about $31,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Novanta during the 4th quarter worth about $75,000. US Bancorp DE lifted its position in shares of Novanta by 21.7% during the 1st quarter. US Bancorp DE now owns 2,651 shares of the technology company’s stock worth $225,000 after purchasing an additional 473 shares during the last quarter. Finally, BB&T Corp acquired a new position in shares of Novanta during the 1st quarter worth about $227,000. 85.84% of the stock is owned by institutional investors and hedge funds.

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

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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