Novanta Inc. (NASDAQ:NOVT) – Research analysts at William Blair raised their Q2 2018 EPS estimates for Novanta in a report issued on Wednesday, May 9th. William Blair analyst B. Drab now forecasts that the technology company will post earnings of $0.49 per share for the quarter, up from their previous estimate of $0.46. William Blair has a “Outperform” rating on the stock. William Blair also issued estimates for Novanta’s FY2018 earnings at $1.97 EPS.
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Novanta (NASDAQ:NOVT) last released its quarterly earnings data on Tuesday, May 8th. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.07. Novanta had a net margin of 5.14% and a return on equity of 20.19%. The firm had revenue of $147.00 million during the quarter, compared to analysts’ expectations of $139.55 million. During the same period last year, the business earned $0.31 earnings per share. Novanta’s revenue was up 34.9% compared to the same quarter last year.
NOVT has been the subject of several other reports. BidaskClub upgraded shares of Novanta from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 19th. Zacks Investment Research upgraded shares of Novanta from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Thursday, March 22nd. Finally, Robert W. Baird restated a “buy” rating on shares of Novanta in a research report on Thursday, March 1st.
Novanta stock opened at $62.40 on Thursday. The stock has a market cap of $2.14 billion, a PE ratio of 34.86 and a beta of 1.46. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.00 and a current ratio of 2.93.
In related news, CFO Robert Buckley sold 8,850 shares of the firm’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $55.55, for a total transaction of $491,617.50. Following the completion of the sale, the chief financial officer now directly owns 184,187 shares in the company, valued at $10,231,587.85. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 26,394 shares of company stock valued at $1,480,917. 6.70% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in NOVT. BlackRock Inc. boosted its stake in Novanta by 1.4% during the first quarter. BlackRock Inc. now owns 2,047,772 shares of the technology company’s stock worth $106,792,000 after buying an additional 27,352 shares during the period. KAMES CAPITAL plc purchased a new position in Novanta during the first quarter worth about $14,613,000. Eagle Boston Investment Management Inc. boosted its stake in Novanta by 2.5% during the first quarter. Eagle Boston Investment Management Inc. now owns 175,671 shares of the technology company’s stock worth $9,161,000 after buying an additional 4,300 shares during the period. Neuberger Berman Group LLC boosted its stake in Novanta by 22.9% during the first quarter. Neuberger Berman Group LLC now owns 1,317,701 shares of the technology company’s stock worth $68,718,000 after buying an additional 245,115 shares during the period. Finally, Thrivent Financial for Lutherans purchased a new position in Novanta during the first quarter worth about $4,249,000. Hedge funds and other institutional investors own 81.93% of the company’s stock.
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.