Federated Investors Inc. PA lessened its stake in Cognex Co. (NASDAQ:CGNX) by 29.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 590,732 shares of the scientific and technical instruments company’s stock after selling 242,622 shares during the quarter. Federated Investors Inc. PA owned 0.34% of Cognex worth $30,712,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Cognex by 6.0% in the 1st quarter. BlackRock Inc. now owns 16,708,782 shares of the scientific and technical instruments company’s stock valued at $868,691,000 after buying an additional 940,307 shares during the period. Brown Capital Management LLC lifted its holdings in shares of Cognex by 68.0% in the 4th quarter. Brown Capital Management LLC now owns 6,736,963 shares of the scientific and technical instruments company’s stock valued at $412,033,000 after buying an additional 2,725,974 shares during the period. OppenheimerFunds Inc. lifted its holdings in shares of Cognex by 63.2% in the 4th quarter. OppenheimerFunds Inc. now owns 2,914,913 shares of the scientific and technical instruments company’s stock valued at $178,276,000 after buying an additional 1,128,402 shares during the period. Eagle Asset Management Inc. lifted its holdings in shares of Cognex by 87.3% in the 4th quarter. Eagle Asset Management Inc. now owns 2,830,892 shares of the scientific and technical instruments company’s stock valued at $172,502,000 after buying an additional 1,319,135 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Cognex by 75.9% in the 4th quarter. Bank of New York Mellon Corp now owns 2,245,562 shares of the scientific and technical instruments company’s stock valued at $137,340,000 after buying an additional 968,709 shares during the period. 84.64% of the stock is owned by institutional investors and hedge funds.
Shares of Cognex stock opened at $46.57 on Thursday. Cognex Co. has a twelve month low of $39.90 and a twelve month high of $72.99. The stock has a market capitalization of $8.01 billion, a P/E ratio of 32.12 and a beta of 1.61.
Cognex (NASDAQ:CGNX) last announced its quarterly earnings results on Monday, April 30th. The scientific and technical instruments company reported $0.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.01. Cognex had a return on equity of 23.08% and a net margin of 21.56%. The firm had revenue of $169.57 million during the quarter, compared to analyst estimates of $170.93 million. During the same quarter in the previous year, the business earned $0.25 EPS. Cognex’s revenue for the quarter was up 22.0% compared to the same quarter last year. research analysts forecast that Cognex Co. will post 1.15 earnings per share for the current year.
Cognex declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 15th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be paid a $0.045 dividend. The ex-dividend date is Thursday, May 17th. This represents a $0.18 annualized dividend and a dividend yield of 0.39%. Cognex’s dividend payout ratio is presently 12.41%.
In related news, Director Anthony Sun sold 10,000 shares of Cognex stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $56.49, for a total value of $564,900.00. Following the completion of the transaction, the director now owns 294,262 shares in the company, valued at approximately $16,622,860.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.40% of the stock is owned by insiders.
Several brokerages have recently issued reports on CGNX. BidaskClub cut Cognex from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Zacks Investment Research raised Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, February 13th. ValuEngine cut Cognex from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. Northcoast Research raised Cognex from a “neutral” rating to a “buy” rating in a report on Wednesday, April 4th. Finally, Goldman Sachs Group cut Cognex from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $78.00 to $55.00 in a report on Tuesday, April 10th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price 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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