Novanta (NOVT) Updates FY18 Earnings Guidance
Novanta (NASDAQ:NOVT) updated its FY18 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.07-2.12 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.00. The company issued revenue guidance of $610-614 million, compared to the consensus revenue estimate of $605.10 million.
A number of research firms recently weighed in on NOVT. BidaskClub lowered shares of Novanta from a hold rating to a sell rating in a research report on Wednesday, October 31st. ValuEngine upgraded shares of Novanta from a hold rating to a buy rating in a research report on Wednesday, October 31st. Finally, Zacks Investment Research lowered shares of Novanta from a buy rating to a hold rating in a research report on Wednesday, July 11th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $64.00.
Shares of NASDAQ NOVT traded up $1.84 during trading on Thursday, hitting $77.89. 186,556 shares of the company were exchanged, compared to its average volume of 229,029. The firm has a market capitalization of $2.56 billion, a P/E ratio of 48.68 and a beta of 1.72. Novanta has a 1 year low of $43.65 and a 1 year high of $78.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.14 and a current ratio of 3.18.
In related news, CFO Robert Buckley sold 13,487 shares of the business’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $72.90, for a total value of $983,202.30. Following the sale, the chief financial officer now directly owns 157,027 shares in the company, valued at approximately $11,447,268.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Peter L. Chang sold 3,680 shares of the business’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $70.63, for a total transaction of $259,918.40. Following the completion of the sale, the vice president now owns 36,132 shares in the company, valued at $2,552,003.16. The disclosure for this sale can be found here. Insiders have sold a total of 37,167 shares of company stock worth $2,723,121 over the last 90 days. Insiders own 6.70% 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.
Featured Article: Why is Cost of Capital Important?
Receive News & Ratings for Novanta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novanta and related companies with MarketBeat.com's FREE daily email newsletter.