Novanta (NASDAQ:NOVT) posted its quarterly earnings results on Tuesday. The technology company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.52 by $0.09, Fidelity Earnings reports. Novanta had a return on equity of 19.99% and a net margin of 5.14%. The business had revenue of $160.79 million for the quarter, compared to analyst estimates of $154.43 million. During the same quarter in the previous year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. Novanta updated its FY18 guidance to $2.07-2.12 EPS.
Shares of NASDAQ:NOVT opened at $74.00 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.18 and a quick ratio of 2.14. The stock has a market cap of $2.15 billion, a P/E ratio of 46.25 and a beta of 1.72. Novanta has a 12-month low of $43.65 and a 12-month high of $78.85.
In related news, CFO Robert Buckley sold 13,487 shares of the firm’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $72.90, for a total transaction of $983,202.30. Following the completion of the sale, the chief financial officer now directly owns 157,027 shares of the company’s stock, valued at approximately $11,447,268.30. The sale was disclosed in a 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 sale, the vice president now directly owns 36,132 shares of the company’s stock, valued at $2,552,003.16. The disclosure for this sale can be found here. 6.70% of the stock is currently owned by company insiders.
NOVT has been the topic of several analyst reports. Zacks Investment Research lowered Novanta from a “buy” rating to a “hold” rating in a report on Wednesday, July 11th. BidaskClub lowered Novanta from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Finally, ValuEngine lowered Novanta from a “buy” rating to a “hold” rating in a report on Saturday, October 6th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $64.00.
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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