Brokerages Expect Novanta Inc. (NOVT) Will Announce Quarterly Sales of $139.58 Million

Analysts expect Novanta Inc. (NASDAQ:NOVT) to report $139.58 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Novanta’s earnings, with the highest sales estimate coming in at $139.91 million and the lowest estimate coming in at $139.25 million. Novanta reported sales of $108.97 million during the same quarter last year, which indicates a positive year-over-year growth rate of 28.1%. The business is expected to announce its next quarterly earnings results before the market opens on Tuesday, May 8th.

According to Zacks, analysts expect that Novanta will report full year sales of $596.21 million for the current year, with estimates ranging from $593.24 million to $599.18 million. For the next financial year, analysts expect that the business will report sales of $631.90 million per share, with estimates ranging from $631.80 million to $631.99 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Novanta.

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Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.03. The business had revenue of $146.92 million during the quarter, compared to the consensus estimate of $146.35 million. Novanta had a return on equity of 18.52% and a net margin of 9.80%. The firm’s revenue for the quarter was up 48.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.35 EPS.

NOVT has been the topic of several recent research reports. BidaskClub raised Novanta from a “buy” rating to a “strong-buy” rating in a report on Friday, January 19th. William Blair initiated coverage on Novanta in a report on Tuesday, February 27th. They set an “outperform” rating on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Novanta in a report on Thursday, March 1st. Finally, Zacks Investment Research raised Novanta from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a report on Thursday, March 22nd.

In related news, CFO Robert Buckley sold 8,764 shares of the stock in a transaction on Monday, March 12th. The stock was sold at an average price of $56.83, for a total transaction of $498,058.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 26,394 shares of company stock worth $1,480,917 over the last ninety days. Insiders own 6.70% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC purchased a new stake in Novanta during the 4th quarter valued at $1,062,000. MetLife Investment Advisors LLC purchased a new stake in Novanta in the fourth quarter worth $767,000. Vident Investment Advisory LLC purchased a new stake in Novanta in the fourth quarter worth $19,439,000. Jane Street Group LLC increased its stake in Novanta by 144.4% in the fourth quarter. Jane Street Group LLC now owns 13,128 shares of the technology company’s stock worth $656,000 after purchasing an additional 7,757 shares during the period. Finally, Teachers Advisors LLC increased its stake in Novanta by 1.8% in the fourth quarter. Teachers Advisors LLC now owns 78,344 shares of the technology company’s stock worth $3,917,000 after purchasing an additional 1,415 shares during the period. Institutional investors own 82.50% of the company’s stock.

Shares of NOVT traded down $0.80 during mid-day trading on Monday, hitting $62.15. 113,473 shares of the stock were exchanged, compared to its average volume of 233,755. The stock has a market capitalization of $2,140.08, a price-to-earnings ratio of 39.34 and a beta of 1.47. Novanta has a 52-week low of $26.65 and a 52-week high of $63.60. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.93 and a quick ratio of 2.00.

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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.

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