Analysts predict that Cognex Co. (NASDAQ:CGNX) will announce sales of $186.35 million for the current quarter, Zacks reports. Five analysts have provided estimates for Cognex’s earnings, with the highest sales estimate coming in at $188.19 million and the lowest estimate coming in at $183.65 million. Cognex reported sales of $180.37 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 3.3%. The business is scheduled to report its next quarterly earnings results on Thursday, February 21st.
On average, analysts expect that Cognex will report full-year sales of $799.12 million for the current financial year, with estimates ranging from $796.71 million to $801.24 million. For the next year, analysts expect that the company will post sales of $896.83 million, with estimates ranging from $854.30 million to $939.06 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Cognex.
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 analysts’ consensus estimates of $0.37 by $0.08. The business had revenue of $232.22 million during 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 firm’s revenue was down 12.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.14 earnings per share.
CGNX has been the topic of a number of research reports. BidaskClub downgraded 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. Daiwa Capital Markets set a $49.00 price objective on Cognex and gave the stock a “buy” rating in a report on Thursday, November 1st. ValuEngine upgraded Cognex from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 31st. Finally, Zacks Investment Research upgraded Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $51.55.
In other Cognex news, Director Jerry A. Schneider sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $54.29, for a total transaction of $271,450.00. Following the transaction, the director now owns 7,000 shares in the company, valued at $380,030. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anthony Sun sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 13th. The shares were sold at an average price of $56.04, for a total value of $560,400.00. Following the transaction, the director now owns 264,262 shares in the company, valued at approximately $14,809,242.48. The disclosure for this sale can be found here. Corporate insiders own 5.40% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System grew its holdings in Cognex by 2.4% during the second quarter. Louisiana State Employees Retirement System now owns 46,700 shares of the scientific and technical instruments company’s stock valued at $2,083,000 after purchasing an additional 1,100 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Cognex by 5.4% during the second quarter. Envestnet Asset Management Inc. now owns 21,502 shares of the scientific and technical instruments company’s stock valued at $960,000 after purchasing an additional 1,104 shares during the last quarter. Advisor Partners LLC grew its holdings in Cognex by 26.6% during the second quarter. Advisor Partners LLC now owns 5,418 shares of the scientific and technical instruments company’s stock valued at $242,000 after purchasing an additional 1,140 shares during the last quarter. KBC Group NV grew its holdings in Cognex by 2.8% during the second quarter. KBC Group NV now owns 42,494 shares of the scientific and technical instruments company’s stock valued at $1,896,000 after purchasing an additional 1,144 shares during the last quarter. Finally, Intrust Bank NA grew its holdings in Cognex by 11.7% during the second quarter. Intrust Bank NA now owns 13,085 shares of the scientific and technical instruments company’s stock valued at $583,000 after purchasing an additional 1,366 shares during the last quarter. Institutional investors own 90.36% of the company’s stock.
Shares of NASDAQ CGNX traded down $1.75 during mid-day trading on Friday, reaching $45.06. The company had a trading volume of 1,029,100 shares, compared to its average volume of 1,685,930. Cognex has a 12-month low of $36.16 and a 12-month high of $72.99. The firm has a market capitalization of $8.03 billion, a price-to-earnings ratio of 31.06, a price-to-earnings-growth ratio of 2.59 and a beta of 1.90.
Cognex declared that its board has approved a share repurchase program on Monday, October 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to buy up to 2.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company 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. The ex-dividend date is Thursday, November 15th. This represents a $0.20 dividend on an annualized basis and a yield of 0.44%. This is an increase from Cognex’s previous quarterly dividend of $0.05. Cognex’s dividend payout ratio is currently 12.41%.
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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