William Blair Brokers Reduce Earnings Estimates for Novanta

Novanta Inc. (NASDAQ:NOVT) – Equities researchers at William Blair dropped their Q4 2024 earnings per share estimates for shares of Novanta in a research report issued to clients and investors on Tuesday, November 5th. William Blair analyst B. Drab now anticipates that the technology company will post earnings per share of $0.71 for the quarter, down from their previous estimate of $0.97. The consensus estimate for Novanta’s current full-year earnings is $3.03 per share.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. The business had revenue of $244.40 million for the quarter, compared to analysts’ expectations of $242.33 million. Novanta had a return on equity of 15.20% and a net margin of 6.52%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.85 earnings per share.

Separately, Robert W. Baird cut their price objective on shares of Novanta from $175.00 to $169.00 and set a “neutral” rating on the stock in a report on Wednesday.

Novanta Stock Up 0.6 %

Shares of NASDAQ NOVT opened at $182.65 on Friday. Novanta has a 1 year low of $120.19 and a 1 year high of $187.12. The firm’s 50-day moving average is $174.21 and its 200-day moving average is $170.13. The company has a current ratio of 2.79, a quick ratio of 1.73 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $6.56 billion, a PE ratio of 109.37 and a beta of 1.29.

Insider Transactions at Novanta

In related news, CFO Robert Buckley sold 3,660 shares of Novanta stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $174.01, for a total transaction of $636,876.60. Following the completion of the sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $20,954,110.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 9,150 shares of company stock worth $1,608,936 in the last three months. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NOVT. Norden Group LLC raised its holdings in Novanta by 39.4% in the first quarter. Norden Group LLC now owns 2,464 shares of the technology company’s stock worth $431,000 after purchasing an additional 696 shares during the period. BNP Paribas Financial Markets grew its stake in Novanta by 9.6% in the first quarter. BNP Paribas Financial Markets now owns 33,255 shares of the technology company’s stock valued at $5,812,000 after acquiring an additional 2,919 shares during the period. Texas Permanent School Fund Corp increased its holdings in shares of Novanta by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 31,341 shares of the technology company’s stock worth $5,477,000 after acquiring an additional 406 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Novanta by 11.9% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 1,671 shares of the technology company’s stock worth $292,000 after acquiring an additional 178 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Novanta by 750.4% during the first quarter. SG Americas Securities LLC now owns 15,588 shares of the technology company’s stock worth $2,724,000 after purchasing an additional 13,755 shares during the period. Institutional investors own 98.35% of the company’s stock.

Novanta Company Profile

Novanta Inc, together with its subsidiaries, provides precision medicine and manufacturing, medical solutions, and robotics and automation solutions in the United States and internationally. The company operates through three segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation.