Analysts predict that Novanta Inc. (NASDAQ:NOVT) will report $156.51 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Novanta’s earnings, with the highest sales estimate coming in at $156.95 million and the lowest estimate coming in at $156.07 million. Novanta posted sales of $155.47 million during the same quarter last year, which would indicate a positive year over year growth rate of 0.7%. The business is expected to issue its next quarterly earnings results before the market opens on Tuesday, May 11th.
According to Zacks, analysts expect that Novanta will report full year sales of $645.05 million for the current year, with estimates ranging from $637.71 million to $652.40 million. For the next fiscal year, analysts anticipate that the business will post sales of $684.43 million, with estimates ranging from $678.33 million to $690.53 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Novanta.
Novanta (NASDAQ:NOVT) last announced its quarterly earnings data on Sunday, February 28th. The technology company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.09. Novanta had a net margin of 6.81% and a return on equity of 16.33%. The company had revenue of $147.50 million during the quarter, compared to analysts’ expectations of $147.05 million. During the same quarter in the prior year, the company earned $0.55 EPS. The firm’s revenue was down 7.6% on a year-over-year basis.
In related news, CEO Matthijs Glastra sold 7,500 shares of the company’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $135.43, for a total transaction of $1,015,725.00. Following the completion of the sale, the chief executive officer now directly owns 127,833 shares in the company, valued at approximately $17,312,423.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Buckley sold 3,704 shares of the company’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $136.02, for a total transaction of $503,818.08. Following the completion of the transaction, the chief financial officer now owns 158,198 shares of the company’s stock, valued at $21,518,091.96. The disclosure for this sale can be found here. Insiders have sold a total of 18,704 shares of company stock valued at $2,533,318 over the last quarter. 3.60% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new position in Novanta in the 1st quarter worth $52,000. Nisa Investment Advisors LLC raised its holdings in Novanta by 22.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,355 shares of the technology company’s stock worth $160,000 after purchasing an additional 250 shares in the last quarter. Virtu Financial LLC bought a new position in Novanta in the 4th quarter worth $208,000. Milestone Advisory Partners bought a new position in Novanta in the 1st quarter worth $239,000. Finally, Los Angeles Capital Management LLC bought a new position in Novanta in the 4th quarter worth $223,000. Institutional investors and hedge funds own 90.22% of the company’s stock.
Shares of Novanta stock traded down $1.97 during trading on Thursday, reaching $129.54. The company’s stock had a trading volume of 124,399 shares, compared to its average volume of 105,757. Novanta has a 52-week low of $81.60 and a 52-week high of $146.16. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 111.67 and a beta of 1.09. The firm’s 50-day moving average is $133.90 and its two-hundred day moving average is $126.94. The company has a quick ratio of 1.51, a current ratio of 2.27 and a debt-to-equity ratio of 0.42.
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. Its Photonics segment offers photonics-based solutions, including laser scanning and beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products for photonics-based applications, such as industrial processing, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures.
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