Cognex (NASDAQ:CGNX) had its target price reduced by Needham & Company LLC from $52.00 to $45.00 in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. They currently have a buy rating on the scientific and technical instruments company’s stock.
A number of other brokerages have also weighed in on CGNX. BidaskClub raised shares of Cognex from a hold rating to a buy rating in a research note on Wednesday, September 26th. Zacks Investment Research lowered shares of Cognex from a hold rating to a sell rating in a research note on Wednesday, October 3rd. DA Davidson assumed coverage on shares of Cognex in a research note on Tuesday, October 2nd. They set a neutral rating and a $57.00 target price on the stock. Northcoast Research lowered shares of Cognex from a buy rating to a neutral rating and set a $54.00 target price on the stock. in a research note on Friday, August 24th. They noted that the move was a valuation call. Finally, ValuEngine raised shares of Cognex from a strong sell rating to a sell rating in a research note on Tuesday, July 31st. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Cognex currently has a consensus rating of Hold and a consensus price target of $51.55.
Shares of CGNX traded up $0.07 during trading hours on Tuesday, reaching $46.44. 104,943 shares of the company traded hands, compared to its average volume of 1,723,319. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 31.81, a PEG ratio of 2.37 and a beta of 1.64. Cognex has a 12 month low of $36.16 and a 12 month high of $72.99.
Cognex (NASDAQ:CGNX) last announced its earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. The firm had revenue of $232.22 million for the quarter, compared to analyst estimates of $227.15 million. Cognex had a net margin of 18.52% and a return on equity of 20.88%. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.14 EPS. As a group, sell-side analysts expect that Cognex will post 1.2 earnings per share for the current fiscal year.
Cognex declared that its Board of Directors has initiated a share repurchase plan on Monday, October 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the scientific and technical instruments company to repurchase up to 2.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be given a dividend of $0.05 per share. This is a boost from Cognex’s previous quarterly dividend of $0.05. This represents a $0.20 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Thursday, November 15th. Cognex’s dividend payout ratio (DPR) is 12.41%.
In related news, Director Jerry A. Schneider sold 5,000 shares of Cognex stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $54.29, for a total transaction of $271,450.00. Following the completion of the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $380,030. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Anthony Sun sold 10,000 shares of Cognex stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $53.01, for a total transaction of $530,100.00. Following the transaction, the director now directly owns 284,262 shares of the company’s stock, valued at $15,068,728.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,000 shares of company stock valued at $1,361,950. 5.40% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Capital Analysts LLC raised its holdings in Cognex by 1,180.6% in the second quarter. Capital Analysts LLC now owns 2,305 shares of the scientific and technical instruments company’s stock worth $103,000 after buying an additional 2,125 shares during the last quarter. CAPROCK Group Inc. purchased a new position in Cognex in the third quarter worth about $221,000. Eastern Bank purchased a new position in Cognex in the second quarter worth about $223,000. Chatham Capital Group Inc. purchased a new position in Cognex in the third quarter worth about $232,000. Finally, Advisor Partners LLC raised its holdings in Cognex by 26.6% in the second quarter. Advisor Partners LLC now owns 5,418 shares of the scientific and technical instruments company’s stock worth $242,000 after buying an additional 1,140 shares during the last quarter. 90.25% of the stock is owned by institutional investors.
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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