Novanta Inc (NOVT) Expected to Post Earnings of $0.54 Per Share
Equities research analysts expect Novanta Inc (NASDAQ:NOVT) to report earnings of $0.54 per share for the current quarter, Zacks reports. Two analysts have provided estimates for Novanta’s earnings. Novanta posted earnings per share of $0.51 during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.9%. The company is scheduled to issue its next quarterly earnings report on Wednesday, August 14th.
According to Zacks, analysts expect that Novanta will report full year earnings of $2.41 per share for the current financial year, with EPS estimates ranging from $2.40 to $2.42. For the next year, analysts anticipate that the firm will report earnings of $2.77 per share, with EPS estimates ranging from $2.75 to $2.78. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that cover Novanta.
Novanta (NASDAQ:NOVT) last issued its earnings results on Tuesday, May 7th. The technology company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.49 by $0.04. The company had revenue of $157.20 million during the quarter, compared to analysts’ expectations of $155.85 million. Novanta had a net margin of 7.92% and a return on equity of 19.26%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.47 EPS.
In related news, CAO Peter L. Chang sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $81.14, for a total transaction 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 approximately $2,009,026.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.90% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of NOVT. Man Group plc bought a new stake in Novanta during the 3rd quarter worth approximately $237,000. Morgan Stanley grew its holdings in Novanta by 26.1% during the 3rd quarter. Morgan Stanley now owns 142,690 shares of the technology company’s stock worth $9,760,000 after acquiring an additional 29,521 shares during the last quarter. Vanguard Group Inc. grew its holdings in Novanta by 36.3% during the 3rd quarter. Vanguard Group Inc. now owns 2,951,177 shares of the technology company’s stock worth $201,861,000 after acquiring an additional 785,554 shares during the last quarter. Federated Investors Inc. PA grew its holdings in Novanta by 48.9% during the 3rd quarter. Federated Investors Inc. PA now owns 135,010 shares of the technology company’s stock worth $9,235,000 after acquiring an additional 44,310 shares during the last quarter. Finally, Juncture Wealth Strategies LLC bought a new stake in Novanta during the 4th quarter worth approximately $524,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:NOVT traded up $0.36 during midday trading on Friday, hitting $79.37. The stock had a trading volume of 720 shares, compared to its average volume of 150,027. The stock has a market capitalization of $2.79 billion, a PE ratio of 36.58 and a beta of 1.46. The company has a current ratio of 2.83, a quick ratio of 1.78 and a debt-to-equity ratio of 0.61. Novanta has a fifty-two week low of $55.68 and a fifty-two week high of $89.78.
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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