Shares of Cognex Co. (NASDAQ:CGNX) have received an average rating of “Hold” from the fourteen ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $51.01.
Several research firms have issued reports on CGNX. BidaskClub raised shares of Cognex from a “strong sell” rating to a “sell” rating in a research report on Friday, November 2nd. Daiwa Capital Markets set a $49.00 price target on shares of Cognex and gave the stock a “buy” rating in a research report on Thursday, November 1st. Zacks Investment Research raised shares of Cognex from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Morgan Stanley dropped their price target on shares of Cognex from $52.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 30th. Finally, Needham & Company LLC dropped their price target on shares of Cognex from $52.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, October 30th.
NASDAQ CGNX traded up $0.60 on Friday, hitting $47.26. 24,122 shares of the stock were exchanged, compared to its average volume of 1,855,856. Cognex has a 52 week low of $36.16 and a 52 week high of $72.99. The firm has a market capitalization of $8.02 billion, a P/E ratio of 32.30, a price-to-earnings-growth ratio of 2.58 and a beta of 1.90.
Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Cognex had a net margin of 18.52% and a return on equity of 20.88%. The firm had revenue of $232.22 million for the quarter, compared to analyst estimates of $227.15 million. During the same period in the prior year, the firm posted $1.14 earnings per share. The company’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, sell-side analysts expect that Cognex will post 1.2 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Thursday, November 15th. This is a positive change from Cognex’s previous quarterly dividend of $0.05. Cognex’s dividend payout ratio (DPR) is 12.41%.
Cognex declared that its Board of Directors has initiated a share repurchase plan on Monday, October 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the scientific and technical instruments company to buy up to 2.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, Director Jerry A. Schneider sold 5,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 7,000 shares of the company’s stock, valued at approximately $380,030. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anthony Sun sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $56.04, for a total transaction of $560,400.00. Following the sale, the director now directly owns 264,262 shares of the company’s stock, valued at approximately $14,809,242.48. The disclosure for this sale can be found here. 5.40% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the company. Swiss National Bank grew its position in shares of Cognex by 3.5% during the 2nd quarter. Swiss National Bank now owns 572,900 shares of the scientific and technical instruments company’s stock worth $25,557,000 after buying an additional 19,400 shares during the period. Joho Capital LLC grew its position in shares of Cognex by 24.1% during the 2nd quarter. Joho Capital LLC now owns 3,069,024 shares of the scientific and technical instruments company’s stock worth $136,909,000 after buying an additional 595,358 shares during the period. ING Groep NV acquired a new stake in shares of Cognex during the 2nd quarter worth approximately $459,000. Fox Run Management L.L.C. acquired a new stake in shares of Cognex during the 3rd quarter worth approximately $450,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of Cognex during the 2nd quarter worth approximately $977,000. 90.36% 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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