FY2024 EPS Estimates for Novanta Decreased by William Blair

Novanta Inc. (NASDAQ:NOVT) – Research analysts at William Blair lowered their FY2024 earnings estimates for Novanta in a report released on Tuesday, November 5th. William Blair analyst B. Drab now anticipates that the technology company will post earnings of $3.03 per share for the year, down from their previous forecast of $3.30. The consensus estimate for Novanta’s current full-year earnings is $3.30 per share. William Blair also issued estimates for Novanta’s Q1 2025 earnings at $0.78 EPS, Q2 2025 earnings at $0.87 EPS, Q3 2025 earnings at $1.00 EPS, Q4 2025 earnings at $1.04 EPS, FY2025 earnings at $3.68 EPS and FY2026 earnings at $4.31 EPS.

Novanta (NASDAQ:NOVT) last posted its quarterly earnings results on Tuesday, November 5th. The technology company reported $0.85 earnings per share for the quarter, hitting the consensus estimate of $0.85. The company had revenue of $244.40 million for the quarter, compared to the consensus estimate of $242.33 million. Novanta had a return on equity of 15.77% and a net margin of 6.91%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.85 EPS.

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

Novanta Price Performance

NOVT opened at $181.52 on Thursday. Novanta has a 1 year low of $119.64 and a 1 year high of $187.12. The stock has a 50-day moving average price of $174.22 and a 200-day moving average price of $169.85. The firm has a market cap of $6.52 billion, a PE ratio of 104.92 and a beta of 1.29. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.77 and a quick ratio of 1.73.

Insiders Place Their Bets

In related news, CFO Robert Buckley sold 3,660 shares of the 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 sale, the chief financial officer now directly owns 120,419 shares of the company’s stock, valued at $20,954,110.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 9,150 shares of company stock valued at $1,608,936. Corporate insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOVT. Pathstone Holdings LLC raised its stake in Novanta by 1.2% during the 3rd quarter. Pathstone Holdings LLC now owns 25,827 shares of the technology company’s stock valued at $4,621,000 after buying an additional 295 shares during the last quarter. Chesapeake Capital Corp IL purchased a new stake in Novanta during the third quarter valued at $435,000. Mutual of America Capital Management LLC lifted its holdings in Novanta by 1.5% in the third quarter. Mutual of America Capital Management LLC now owns 43,241 shares of the technology company’s stock valued at $7,737,000 after acquiring an additional 648 shares during the period. Natixis Advisors LLC boosted its position in Novanta by 1.7% in the third quarter. Natixis Advisors LLC now owns 25,957 shares of the technology company’s stock worth $4,644,000 after purchasing an additional 434 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its stake in shares of Novanta by 4.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 11,725 shares of the technology company’s stock valued at $2,098,000 after purchasing an additional 546 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.