Novanta Inc (NASDAQ:NOVT) has been given a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.
Brokerages have set a 1 year consensus price target of $54.00 for the company and are anticipating that the company will post $0.41 EPS for the current quarter, according to Zacks. Zacks has also given Novanta an industry rank of 207 out of 265 based on the ratings given to related companies.
A number of equities research analysts recently weighed in on NOVT shares. BidaskClub cut Novanta from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 2nd. Robert W. Baird started coverage on Novanta in a report on Thursday, December 7th. They set an “outperform” rating and a $54.00 price target for the company.
Shares of Novanta (NASDAQ:NOVT) traded up $1.60 on Friday, hitting $59.20. The stock had a trading volume of 306,971 shares, compared to its average volume of 180,296. Novanta has a fifty-two week low of $22.10 and a fifty-two week high of $59.20. The firm has a market cap of $1,992.51, a PE ratio of 43.53 and a beta of 1.27. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.00 and a current ratio of 2.93.
Novanta (NASDAQ:NOVT) last released its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. Novanta had a return on equity of 18.29% and a net margin of 12.45%. The firm had revenue of $146.30 million during the quarter, compared to analysts’ expectations of $132.10 million. During the same period last year, the firm posted $0.29 EPS. The business’s revenue was up 49.5% on a year-over-year basis. analysts anticipate that Novanta will post 1.58 earnings per share for the current fiscal year.
In related news, Director Stephen W. Bershad sold 500,000 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $52.55, for a total transaction of $26,275,000.00. Following the completion of the sale, the director now directly owns 1,711,648 shares of the company’s stock, valued at approximately $89,947,102.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOVT. Schwab Charles Investment Management Inc. increased its stake in shares of Novanta by 9.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 126,383 shares of the technology company’s stock valued at $4,550,000 after buying an additional 10,863 shares during the period. Legal & General Group Plc increased its stake in shares of Novanta by 4.8% in the 2nd quarter. Legal & General Group Plc now owns 7,646 shares of the technology company’s stock valued at $275,000 after buying an additional 353 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of Novanta by 2,150.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,073 shares of the technology company’s stock valued at $147,000 after buying an additional 3,892 shares during the period. Alliancebernstein L.P. increased its stake in shares of Novanta by 1.5% in the 2nd quarter. Alliancebernstein L.P. now owns 42,600 shares of the technology company’s stock valued at $1,534,000 after buying an additional 610 shares during the period. Finally, Teachers Advisors LLC increased its stake in shares of Novanta by 6.0% in the 2nd quarter. Teachers Advisors LLC now owns 77,122 shares of the technology company’s stock valued at $2,776,000 after buying an additional 4,359 shares during the period. 79.00% of the stock is owned by institutional investors.
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Novanta Inc, formerly GSI Group Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems. The Company’s segments are Photonics, Vision and Precision Motion. The Photonics segment designs, manufactures and markets photonics-based solutions, including carbon dioxide (CO2) laser sources, laser scanning and laser beam delivery products, to customers around the world.
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