Mitsubishi UFJ Trust & Banking Corp lowered its stake in Cognex Co. (NASDAQ:CGNX) by 62.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,938 shares of the scientific and technical instruments company’s stock after selling 220,177 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.08% of Cognex worth $7,476,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Westpac Banking Corp grew its stake in Cognex by 60.1% during the 3rd quarter. Westpac Banking Corp now owns 136,389 shares of the scientific and technical instruments company’s stock valued at $7,613,000 after acquiring an additional 51,220 shares in the last quarter. Freestone Capital Holdings LLC purchased a new position in Cognex during the 3rd quarter valued at about $382,000. Schroder Investment Management Group grew its stake in Cognex by 44.7% during the 3rd quarter. Schroder Investment Management Group now owns 486,045 shares of the scientific and technical instruments company’s stock valued at $27,131,000 after acquiring an additional 150,172 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Cognex by 1,671.9% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 211,216 shares of the scientific and technical instruments company’s stock valued at $11,339,000 after acquiring an additional 199,296 shares in the last quarter. Finally, CIBC World Markets Inc. purchased a new position in Cognex during the 3rd quarter valued at about $428,000. 91.02% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Anthony Sun sold 10,000 shares of the business’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 value of $560,400.00. Following the completion of the sale, the director now directly owns 264,262 shares in the company, valued at approximately $14,809,242.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jerry A. Schneider sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $54.29, for a total value of $271,450.00. Following the completion of the sale, the director now owns 7,000 shares of the company’s stock, valued at $380,030. The disclosure for this sale can be found here. Insiders own 5.40% of the company’s stock.
Shares of NASDAQ CGNX opened at $41.40 on Friday. The company has a market capitalization of $7.56 billion, a P/E ratio of 34.31, a PEG ratio of 2.44 and a beta of 1.90. Cognex Co. has a 52 week low of $36.16 and a 52 week high of $70.00.
Cognex (NASDAQ:CGNX) last announced its quarterly earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The business had revenue of $232.22 million during the quarter, compared to analysts’ expectations of $227.15 million. Cognex had a return on equity of 20.88% and a net margin of 18.52%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.14 EPS. On average, research analysts expect that Cognex Co. will post 1.2 earnings per share for the current year.
Cognex announced that its board has authorized a stock buyback program on Monday, October 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the scientific and technical instruments company to purchase up to 2.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Friday, November 16th were paid a $0.05 dividend. This is a boost from Cognex’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, November 15th. This represents a $0.20 annualized dividend and a dividend yield of 0.48%. Cognex’s payout ratio is presently 13.79%.
CGNX has been the topic of several research analyst reports. Morgan Stanley initiated coverage on Cognex in a research note on Monday, August 20th. They set an “equal weight” rating and a $57.00 target price on the stock. Northcoast Research cut 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. Zacks Investment Research cut Cognex from a “buy” rating to a “hold” rating in a research note on Tuesday, August 28th. BidaskClub raised Cognex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. Finally, DA Davidson initiated coverage on Cognex in a research note on Tuesday, October 2nd. They set a “neutral” rating and a $57.00 target price on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $51.76.
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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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