Novanta (NOVT) Updates FY18 Earnings Guidance

Novanta (NASDAQ:NOVT) updated its FY18 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.07-2.12 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.00. The company issued revenue guidance of $610-614 million, compared to the consensus revenue estimate of $605.10 million.

A number of research analysts have recently issued reports on the company. BidaskClub raised Novanta from a sell rating to a hold rating in a research note on Wednesday. ValuEngine raised Novanta from a hold rating to a buy rating in a research note on Wednesday, October 31st. Finally, Zacks Investment Research cut Novanta from a buy rating to a hold rating in a research note on Wednesday, October 10th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $64.00.

Shares of NASDAQ:NOVT traded up $1.84 on Wednesday, reaching $75.84. 10,992 shares of the company traded hands, compared to its average volume of 216,007. Novanta has a 52 week low of $43.65 and a 52 week high of $78.85. The stock has a market capitalization of $2.15 billion, a P/E ratio of 47.50 and a beta of 1.72. The company has a current ratio of 3.18, a quick ratio of 2.14 and a debt-to-equity ratio of 0.61.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.09. The firm had revenue of $160.79 million for the quarter, compared to analysts’ expectations of $154.43 million. Novanta had a return on equity of 19.99% and a net margin of 5.14%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned $0.45 earnings per share. As a group, research analysts predict that Novanta will post 2 EPS for the current year.

In related news, CEO Matthijs Glastra sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $74.00, for a total value of $1,480,000.00. Following the sale, the chief executive officer now directly owns 71,107 shares of the company’s stock, valued at $5,261,918. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Peter L. Chang sold 3,680 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $70.63, for a total value of $259,918.40. Following the completion of the sale, the vice president now directly owns 36,132 shares in the company, valued at $2,552,003.16. The disclosure for this sale can be found here. Insiders sold 37,167 shares of company stock worth $2,723,121 over the last three months. 6.70% of the stock is owned by insiders.

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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.

Further Reading: Initial Public Offering (IPO)

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