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

Equities analysts expect that Novanta Inc (NASDAQ:NOVT) will report sales of $154.58 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Novanta’s earnings, with the lowest sales estimate coming in at $154.31 million and the highest estimate coming in at $154.85 million. Novanta reported sales of $150.40 million during the same quarter last year, which would suggest a positive year over year growth rate of 2.8%. The firm is scheduled to report its next earnings results on Wednesday, August 14th.

According to Zacks, analysts expect that Novanta will report full year sales of $646.67 million for the current year, with estimates ranging from $646.37 million to $646.96 million. For the next fiscal year, analysts expect that the firm will report sales of $689.69 million, with estimates ranging from $687.73 million to $691.64 million. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Novanta.

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

Several research analysts have commented on NOVT shares. BidaskClub cut shares of Novanta from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 18th. Zacks Investment Research upgraded shares of Novanta from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a report on Saturday, March 2nd. Finally, Robert W. Baird raised their target price on shares of Novanta from $61.00 to $81.00 and gave the stock a “neutral” rating in a report on Thursday, February 28th.

Shares of NOVT opened at $81.69 on Friday. Novanta has a one year low of $55.68 and a one year high of $89.78. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 37.82 and a beta of 1.46. The company has a quick ratio of 1.78, a current ratio of 2.83 and a debt-to-equity ratio of 0.61.

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

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of Montreal Can boosted its holdings in shares of Novanta by 106.3% in the fourth quarter. Bank of Montreal Can now owns 462 shares of the technology company’s stock worth $29,000 after buying an additional 238 shares during the period. Strs Ohio acquired a new stake in shares of Novanta during the fourth quarter worth approximately $31,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Novanta during the fourth quarter worth approximately $75,000. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Novanta during the fourth quarter worth approximately $202,000. Finally, US Bancorp DE boosted its holdings in shares of Novanta by 21.7% during the first 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 period. Institutional investors own 86.52% of the company’s stock.

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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