Cognex Corp. (CGNX) Given Consensus Rating of “Buy” by Brokerages
Shares of Cognex Corp. (NASDAQ:CGNX) have received a consensus rating of “Buy” from the eleven research firms that are covering the company. Five research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $50.16.
CGNX has been the topic of several research analyst reports. Zacks Investment Research lowered shares of Cognex Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 19th. upgraded shares of Cognex Corp. from an “underperform” rating to an “outperform” rating in a research note on Monday, November 7th. Canaccord Genuity set a $49.00 price target on shares of Cognex Corp. and gave the stock a “hold” rating in a research note on Tuesday, September 20th. Needham & Company LLC lifted their price target on shares of Cognex Corp. from $42.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. Finally, Stephens initiated coverage on shares of Cognex Corp. in a research note on Tuesday, October 25th. They set an “equal weight” rating and a $50.00 price target on the stock.
Cognex Corp. (NASDAQ:CGNX) traded up 0.67% during midday trading on Tuesday, hitting $60.42. 297,962 shares of the stock traded hands. The company has a market cap of $5.18 billion, a P/E ratio of 40.15 and a beta of 1.32. Cognex Corp. has a one year low of $28.01 and a one year high of $61.50. The company’s 50 day moving average is $54.54 and its 200-day moving average is $48.34.
Cognex Corp. (NASDAQ:CGNX) last announced its quarterly earnings results on Monday, October 31st. The company reported $0.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.48 by $0.13. Cognex Corp. had a net margin of 26.59% and a return on equity of 13.67%. The firm had revenue of $147.95 million for the quarter, compared to analyst estimates of $50.93 million. During the same period last year, the business earned $1.19 EPS. Cognex Corp.’s revenue for the quarter was up 37.5% compared to the same quarter last year. On average, equities research analysts forecast that Cognex Corp. will post $1.57 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.50%. Cognex Corp.’s dividend payout ratio (DPR) is 20.13%.
In other news, CEO Robert Willett sold 100,000 shares of the business’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $55.69, for a total transaction of $5,569,000.00. Following the transaction, the chief executive officer now directly owns 50,000 shares in the company, valued at $2,784,500. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Patrick Alias sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 8th. The stock was sold at an average price of $54.07, for a total transaction of $540,700.00. Following the transaction, the director now owns 10,000 shares in the company, valued at $540,700. The disclosure for this sale can be found here. Insiders own 6.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Scout Investments Inc. raised its position in shares of Cognex Corp. by 0.5% in the third quarter. Scout Investments Inc. now owns 55,350 shares of the company’s stock worth $2,926,000 after buying an additional 250 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of Cognex Corp. by 90.7% in the third quarter. Ameritas Investment Partners Inc. now owns 25,648 shares of the company’s stock worth $1,356,000 after buying an additional 12,200 shares during the period. Mackenzie Financial Corp raised its position in shares of Cognex Corp. by 11.9% in the third quarter. Mackenzie Financial Corp now owns 31,216 shares of the company’s stock worth $1,650,000 after buying an additional 3,309 shares during the period. 1832 Asset Management L.P. purchased a new position in shares of Cognex Corp. during the third quarter worth about $14,361,000. Finally, Jane Street Group LLC purchased a new position in shares of Cognex Corp. during the third quarter worth about $500,000. Institutional investors and hedge funds own 91.82% of the company’s stock.
Cognex Corp. Company Profile
Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company’s machine vision products are used to automate the manufacture 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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