Bank of New York Mellon Corp lifted its holdings in Cognex Co. (NASDAQ:CGNX) by 1.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,276,853 shares of the scientific and technical instruments company’s stock after purchasing an additional 15,541 shares during the quarter. Bank of New York Mellon Corp owned about 1.47% of Cognex worth $140,810,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Cognex by 3.5% in the 2nd quarter. BlackRock Inc. now owns 6,887,038 shares of the scientific and technical instruments company’s stock valued at $584,711,000 after purchasing an additional 231,014 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Cognex by 2.4% in the second quarter. Vanguard Group Inc. now owns 6,734,216 shares of the scientific and technical instruments company’s stock valued at $571,735,000 after purchasing an additional 159,355 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Cognex by 126.7% in the second quarter. Ameriprise Financial Inc. now owns 2,342,312 shares of the scientific and technical instruments company’s stock valued at $198,864,000 after purchasing an additional 1,309,047 shares in the last quarter. State Street Corp grew its position in shares of Cognex by 2.2% in the second quarter. State Street Corp now owns 2,169,073 shares of the scientific and technical instruments company’s stock valued at $184,153,000 after purchasing an additional 45,840 shares in the last quarter. Finally, Coatue Management LLC purchased a new stake in shares of Cognex in the second quarter valued at approximately $87,064,000. 84.25% of the stock is owned by institutional investors.
Shares of Cognex Co. (NASDAQ:CGNX) traded up $1.20 on Thursday, hitting $63.19. 2,097,888 shares of the stock traded hands, compared to its average volume of 1,579,075. The firm has a market capitalization of $10,940.00, a P/E ratio of 46.41 and a beta of 1.50. Cognex Co. has a twelve month low of $29.94 and a twelve month high of $72.99.
Cognex (NASDAQ:CGNX) last announced its quarterly earnings data on Monday, October 30th. The scientific and technical instruments company reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.05. Cognex had a net margin of 34.77% and a return on equity of 23.31%. The firm had revenue of $259.74 million during the quarter, compared to the consensus estimate of $255.95 million. During the same quarter last year, the firm earned $0.31 earnings per share. The firm’s revenue was up 75.6% compared to the same quarter last year. analysts anticipate that Cognex Co. will post 1.39 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were given a dividend of $0.045 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 0.28%. Cognex’s payout ratio is 13.24%.
A number of research analysts recently commented on CGNX shares. J P Morgan Chase & Co cut Cognex from a “neutral” rating to an “underweight” rating and set a $62.50 price objective on the stock. in a report on Wednesday, November 8th. Canaccord Genuity upped their price target on Cognex from $47.50 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, October 31st. Wolfe Research upgraded Cognex from a “market perform” rating to an “outperform” rating in a research note on Monday, August 14th. Zacks Investment Research lowered Cognex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Robert W. Baird upped their price objective on Cognex from $50.00 to $62.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $56.86.
In other news, Director Theodor Krantz sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $134.05, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now directly owns 26,250 shares of the company’s stock, valued at approximately $3,518,812.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Willett sold 100,000 shares of Cognex stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $127.19, for a total transaction of $12,719,000.00. Following the completion of the sale, the chief executive officer now directly owns 100,000 shares of the company’s stock, valued at $12,719,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 148,750 shares of company stock valued at $19,097,525. Insiders own 5.60% of the company’s stock.
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Cognex Company Profile
Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company operates through the machine vision technology segment. The Company’s machine vision products are used to automate the manufacture and tracking of discrete items, such as mobile phones, aspirin bottles and automobile tires, by locating, identifying, inspecting and measuring them during the manufacturing or distribution process.
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