Zacks: Novanta Inc (NOVT) Given Consensus Rating of “Buy” by Analysts

Shares of Novanta Inc (NASDAQ:NOVT) have earned an average broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation and one has given a strong buy recommendation to the company.

Analysts have set a 1-year consensus price target of $61.00 for the company and are forecasting that the company will post $0.52 EPS for the current quarter, according to Zacks. Zacks has also given Novanta an industry rank of 112 out of 256 based on the ratings given to its competitors.

Several equities analysts have weighed in on the company. BidaskClub raised Novanta from a “hold” rating to a “buy” rating in a research report on Friday, December 21st. Zacks Investment Research upgraded Novanta from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Saturday, November 17th. Finally, ValuEngine upgraded Novanta from a “hold” rating to a “buy” rating in a research report on Wednesday, October 31st.

NASDAQ:NOVT traded up $0.11 during mid-day trading on Friday, hitting $67.56. 102,600 shares of the company’s stock traded hands, compared to its average volume of 156,670. The company has a current ratio of 2.89, a quick ratio of 1.97 and a debt-to-equity ratio of 0.69. Novanta has a 1 year low of $48.40 and a 1 year high of $78.85. The company has a market capitalization of $2.34 billion, a P/E ratio of 42.38 and a beta of 1.55.

Novanta (NASDAQ:NOVT) last issued its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.09. Novanta had a net margin of 6.18% and a return on equity of 18.95%. The business had revenue of $160.79 million during the quarter, compared to analysts’ expectations of $154.43 million. During the same period last year, the company posted $0.45 EPS. The company’s revenue was up 9.9% on a year-over-year basis. On average, equities research analysts predict that Novanta will post 2.11 earnings per share for the current year.

In other Novanta news, Director Stephen W. Bershad sold 500,000 shares of Novanta stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $68.15, for a total value of $34,075,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthijs Glastra sold 20,000 shares of Novanta stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $74.00, for a total transaction of $1,480,000.00. Following the completion of the sale, the chief executive officer now directly owns 71,107 shares of the company’s stock, valued at $5,261,918. The disclosure for this sale can be found here. Insiders own 6.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. BlueMountain Capital Management LLC purchased a new stake in shares of Novanta in the third quarter valued at $110,000. Envestnet Asset Management Inc. grew its position in shares of Novanta by 58.7% in the second quarter. Envestnet Asset Management Inc. now owns 2,571 shares of the technology company’s stock valued at $160,000 after purchasing an additional 951 shares during the period. Man Group plc purchased a new stake in Novanta in the 3rd quarter valued at about $237,000. Jefferies Group LLC purchased a new stake in Novanta in the 3rd quarter valued at about $312,000. Finally, Jane Street Group LLC purchased a new stake in Novanta in the 3rd quarter valued at about $363,000. 84.47% of the stock is owned by hedge funds and other institutional investors.

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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