Cognex Co. (NASDAQ:CGNX) – Investment analysts at Northcoast Research dropped their Q1 2019 EPS estimates for shares of Cognex in a report released on Tuesday, October 30th. Northcoast Research analyst T. Hayes now forecasts that the scientific and technical instruments company will post earnings per share of $0.13 for the quarter, down from their previous estimate of $0.24. Northcoast Research has a “Neutral” rating and a $54.00 price objective on the stock. Northcoast Research also issued estimates for Cognex’s Q4 2019 earnings at $0.21 EPS and FY2019 earnings at $1.04 EPS.
CGNX has been the subject of several other research reports. BidaskClub lowered Cognex from a “sell” rating to a “strong sell” rating in a report on Saturday, October 27th. Morgan Stanley set a $52.00 price objective on Cognex and gave the stock a “hold” rating in a report on Thursday, October 11th. ValuEngine raised Cognex from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 31st. Daiwa Capital Markets set a $49.00 price objective on Cognex and gave the stock a “buy” rating in a report on Thursday. Finally, Needham & Company LLC raised Cognex from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Tuesday, October 16th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $51.55.
Shares of CGNX opened at $46.57 on Friday. Cognex has a fifty-two week low of $36.16 and a fifty-two week high of $72.99. The stock has a market capitalization of $7.38 billion, a P/E ratio of 33.47, a PEG ratio of 2.39 and a beta of 1.90.
Cognex (NASDAQ:CGNX) last announced its quarterly earnings data on Monday, October 29th. The scientific and technical instruments company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. Cognex had a return on equity of 20.88% and a net margin of 18.52%. The company had revenue of $232.22 million during the quarter, compared to analyst estimates of $227.15 million. During the same quarter last year, the firm posted $1.14 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date is Thursday, November 15th. This is a positive change from Cognex’s previous quarterly dividend of $0.05. Cognex’s payout ratio is presently 12.41%.
Cognex announced that its Board of Directors has initiated a share buyback 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 reacquire up to 2.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other Cognex news, Director Anthony Sun sold 10,000 shares of Cognex stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $56.04, for a total transaction of $560,400.00. Following the completion of the transaction, the director now owns 264,262 shares of the company’s stock, valued at approximately $14,809,242.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $271,450.00. Following the transaction, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $380,030. The disclosure for this sale can be found here. Insiders have sold a total of 25,000 shares of company stock valued at $1,361,950 in the last ninety days. Insiders own 5.40% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Capital Analysts LLC grew its holdings in Cognex by 1,180.6% during the 2nd quarter. Capital Analysts LLC now owns 2,305 shares of the scientific and technical instruments company’s stock valued at $103,000 after buying an additional 2,125 shares in the last quarter. CAPROCK Group Inc. bought a new stake in shares of Cognex during the 3rd quarter valued at about $221,000. Chatham Capital Group Inc. bought a new stake in shares of Cognex during the 3rd quarter valued at about $232,000. HMS Capital Management LLC bought a new stake in shares of Cognex during the 3rd quarter valued at about $242,000. Finally, Eastern Bank bought a new stake in shares of Cognex during the 2nd quarter valued at about $223,000. 90.25% of the stock is owned by institutional investors and hedge funds.
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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