Barings LLC Sells 10,400 Shares of Cognex Co. (CGNX)

Barings LLC cut its holdings in Cognex Co. (NASDAQ:CGNX) by 55.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,300 shares of the scientific and technical instruments company’s stock after selling 10,400 shares during the period. Barings LLC’s holdings in Cognex were worth $432,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Copeland Capital Management LLC raised its holdings in shares of Cognex by 177.7% in the first quarter. Copeland Capital Management LLC now owns 118,157 shares of the scientific and technical instruments company’s stock valued at $6,143,000 after purchasing an additional 75,615 shares during the last quarter. M&T Bank Corp raised its holdings in shares of Cognex by 19.7% in the first quarter. M&T Bank Corp now owns 49,703 shares of the scientific and technical instruments company’s stock valued at $2,584,000 after purchasing an additional 8,176 shares during the last quarter. Virginia Retirement Systems ET AL raised its holdings in shares of Cognex by 78.1% in the first quarter. Virginia Retirement Systems ET AL now owns 319,600 shares of the scientific and technical instruments company’s stock valued at $16,616,000 after purchasing an additional 140,200 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Cognex by 1.1% in the first quarter. American Century Companies Inc. now owns 896,957 shares of the scientific and technical instruments company’s stock valued at $46,633,000 after purchasing an additional 9,467 shares during the last quarter. Finally, Commerce Bank raised its holdings in shares of Cognex by 29.3% in the first quarter. Commerce Bank now owns 5,349 shares of the scientific and technical instruments company’s stock valued at $278,000 after purchasing an additional 1,212 shares during the last quarter. Institutional investors own 82.30% of the company’s stock.

Shares of Cognex opened at $48.37 on Monday, according to Marketbeat. The firm has a market cap of $8.34 billion, a P/E ratio of 33.36 and a beta of 1.61. Cognex Co. has a 1-year low of $39.90 and a 1-year high of $72.99.

Cognex (NASDAQ:CGNX) last issued its earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. The business had revenue of $180.37 million for the quarter, compared to the consensus estimate of $178.75 million. Cognex had a net margin of 21.56% and a return on equity of 23.08%. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 earnings per share. analysts anticipate that Cognex Co. will post 1.15 EPS for the current year.

Cognex declared that its board has approved a share buyback program on Thursday, February 15th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the scientific and technical instruments company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be issued a dividend of $0.045 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $0.18 dividend on an annualized basis and a yield of 0.37%. Cognex’s payout ratio is 12.41%.

In related news, Director Anthony Sun sold 10,000 shares of the business’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $56.49, for a total transaction of $564,900.00. Following the transaction, the director now directly owns 294,262 shares in the company, valued at $16,622,860.38. The sale was disclosed in a filing with the SEC, which is available through this link. 5.40% of the stock is currently owned by insiders.

A number of research firms have recently issued reports on CGNX. Zacks Investment Research downgraded shares of Cognex from a “buy” rating to a “sell” rating in a report on Wednesday, May 2nd. Raymond James upgraded shares of Cognex from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 1st. BidaskClub downgraded shares of Cognex from a “sell” rating to a “strong sell” rating in a report on Thursday, April 26th. JPMorgan Chase downgraded shares of Cognex from a “neutral” rating to an “underweight” rating and set a $42.00 target price on the stock. in a report on Monday, May 7th. Finally, Robert W. Baird lowered their target price on shares of Cognex from $62.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, May 1st. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $57.21.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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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Institutional Ownership by Quarter for Cognex (NASDAQ:CGNX)

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