$155.15 Million in Sales Expected for Novanta Inc (NASDAQ:NOVT) This Quarter

Brokerages expect Novanta Inc (NASDAQ:NOVT) to post sales of $155.15 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Novanta’s earnings. The highest sales estimate is $155.39 million and the lowest is $154.90 million. Novanta posted sales of $160.79 million in the same quarter last year, which suggests a negative year-over-year growth rate of 3.5%. The business is expected to announce its next quarterly earnings report on Tuesday, November 5th.

On average, analysts expect that Novanta will report full year sales of $634.89 million for the current year, with estimates ranging from $634.80 million to $634.98 million. For the next fiscal year, analysts forecast that the business will post sales of $689.27 million, with estimates ranging from $686.25 million to $692.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Novanta.

Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.54 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.54. The firm had revenue of $155.10 million during the quarter, compared to analysts’ expectations of $154.47 million. Novanta had a net margin of 7.76% and a return on equity of 19.49%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 earnings per share.

A number of equities analysts recently weighed in on NOVT shares. BidaskClub lowered shares of Novanta from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Zacks Investment Research lowered shares of Novanta from a “hold” rating to a “sell” rating in a research report on Saturday, August 10th.

In related news, CFO Robert Buckley sold 16,277 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $91.06, for a total transaction of $1,482,183.62. Following the completion of the transaction, the chief financial officer now owns 158,803 shares in the company, valued at $14,460,601.18. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthijs Glastra sold 30,100 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $93.21, for a total transaction of $2,805,621.00. Following the transaction, the chief executive officer now owns 123,448 shares of the company’s stock, valued at approximately $11,506,588.08. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. bought a new position in Novanta during the second quarter valued at $26,000. Tower Research Capital LLC TRC bought a new position in Novanta during the second quarter valued at $73,000. Bessemer Group Inc. bought a new position in Novanta during the second quarter valued at $151,000. Strs Ohio lifted its position in Novanta by 340.0% during the first quarter. Strs Ohio now owns 2,200 shares of the technology company’s stock valued at $186,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Institute for Wealth Management LLC. bought a new position in Novanta during the second quarter valued at $211,000. Institutional investors and hedge funds own 89.23% of the company’s stock.

Shares of NASDAQ NOVT traded up $0.23 during midday trading on Tuesday, reaching $82.46. The stock had a trading volume of 6,284 shares, compared to its average volume of 153,278. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.74 and a current ratio of 2.89. The stock has a 50-day moving average of $77.23 and a 200-day moving average of $83.23. Novanta has a 12-month low of $55.68 and a 12-month high of $96.31. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 38.22 and a beta of 1.51.

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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