Nomura Asset Management Co. Ltd. acquired a new stake in shares of Cognex Co. (NASDAQ:CGNX) during the fourth quarter, HoldingsChannel reports. The fund acquired 20,840 shares of the scientific and technical instruments company’s stock, valued at approximately $1,275,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Private Advisor Group LLC bought a new position in Cognex during the 3rd quarter valued at $214,000. Coldstream Capital Management Inc. bought a new position in Cognex during the 3rd quarter valued at $203,000. Parallel Advisors LLC boosted its stake in Cognex by 100.1% during the 4th quarter. Parallel Advisors LLC now owns 1,883 shares of the scientific and technical instruments company’s stock valued at $115,000 after acquiring an additional 942 shares during the last quarter. Wealthsource Partners LLC bought a new position in Cognex during the 3rd quarter valued at $212,000. Finally, Cerebellum GP LLC bought a new position in Cognex during the 4th quarter valued at $126,000. Hedge funds and other institutional investors own 81.97% of the company’s stock.
Cognex Co. (NASDAQ CGNX) opened at $55.30 on Friday. Cognex Co. has a 52-week low of $38.67 and a 52-week high of $72.99. The stock has a market cap of $9,559.05, a PE ratio of 38.40 and a beta of 1.54.
Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. Cognex had a net margin of 23.69% and a return on equity of 24.23%. The company had revenue of $180.37 million for the quarter, compared to the consensus estimate of $178.75 million. During the same period last year, the firm posted $0.20 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. sell-side analysts forecast that Cognex Co. will post 1.4 EPS for the current year.
Cognex declared that its board has initiated a share buyback program on Thursday, February 15th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, March 16th. Stockholders of record on Friday, March 2nd were given a $0.045 dividend. The ex-dividend date was Thursday, March 1st. This represents a $0.18 dividend on an annualized basis and a dividend yield of 0.33%. Cognex’s payout ratio is currently 18.37%.
In other news, Director Anthony Sun sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $56.49, for a total value of $564,900.00. Following the transaction, the director now directly owns 294,262 shares in the company, valued at approximately $16,622,860.38. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 5.60% of the company’s stock.
A number of research firms have commented on CGNX. Zacks Investment Research downgraded shares of Cognex from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, January 2nd. BidaskClub downgraded shares of Cognex from a “hold” rating to a “sell” rating in a research note on Thursday, February 8th. ValuEngine downgraded shares of Cognex from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Finally, Deutsche Bank set a $80.00 price objective on shares of Cognex and gave the company a “buy” rating in a research note on Friday, January 19th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $66.83.
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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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