Cognex Corporation (CGNX) Raised to “Outperform” at Wolfe Research
A number of other equities research analysts have also issued reports on CGNX. Cowen and Company reissued an outperform rating and issued a $135.00 price target (up previously from $100.00) on shares of Cognex Corporation in a report on Tuesday, August 8th. BidaskClub raised shares of Cognex Corporation from a buy rating to a strong-buy rating in a report on Friday, August 4th. Canaccord Genuity reissued a hold rating and issued a $80.00 price target (up previously from $65.00) on shares of Cognex Corporation in a report on Wednesday, May 3rd. Finally, Zacks Investment Research lowered shares of Cognex Corporation from a buy rating to a hold rating in a report on Thursday, May 4th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $82.75.
Shares of Cognex Corporation (NASDAQ CGNX) traded up 0.67% during mid-day trading on Monday, reaching $101.95. 176,536 shares of the company’s stock were exchanged. Cognex Corporation has a one year low of $47.25 and a one year high of $110.69. The stock has a market cap of $8.83 billion, a PE ratio of 46.57 and a beta of 1.43. The company has a 50 day moving average price of $94.74 and a 200-day moving average price of $86.43.
Cognex Corporation (NASDAQ:CGNX) last announced its quarterly earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.08. The business had revenue of $172.90 million for the quarter, compared to analyst estimates of $169.79 million. Cognex Corporation had a net margin of 33.10% and a return on equity of 19.51%. The company’s revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. On average, analysts predict that Cognex Corporation will post $2.56 EPS for the current year.
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The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $0.085 per share. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Wednesday, August 16th. Cognex Corporation’s payout ratio is 15.60%.
Cognex Corporation announced that its Board of Directors has authorized a share repurchase plan on Monday, May 1st that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other news, CEO Robert Willett sold 66,759 shares of Cognex Corporation stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $104.58, for a total transaction of $6,981,656.22. Following the sale, the chief executive officer now owns 9,468 shares of the company’s stock, valued at approximately $990,163.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Theodor Krantz sold 7,500 shares of Cognex Corporation stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $96.09, for a total transaction of $720,675.00. Following the sale, the director now directly owns 26,250 shares in the company, valued at approximately $2,522,362.50. The disclosure for this sale can be found here. Insiders have sold a total of 114,009 shares of company stock worth $11,811,786 in the last ninety days. Insiders own 5.60% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. raised its stake in shares of Cognex Corporation by 7.9% in the first quarter. Russell Investments Group Ltd. now owns 96,962 shares of the scientific and technical instruments company’s stock worth $8,140,000 after buying an additional 7,059 shares during the last quarter. Glen Harbor Capital Management LLC raised its stake in shares of Cognex Corporation by 3.4% in the first quarter. Glen Harbor Capital Management LLC now owns 4,200 shares of the scientific and technical instruments company’s stock worth $353,000 after buying an additional 140 shares during the last quarter. First Citizens Bank & Trust Co. bought a new stake in shares of Cognex Corporation during the first quarter worth $430,000. Candriam Luxembourg S.C.A. raised its stake in shares of Cognex Corporation by 216.2% in the first quarter. Candriam Luxembourg S.C.A. now owns 68,821 shares of the scientific and technical instruments company’s stock worth $5,778,000 after buying an additional 47,057 shares during the last quarter. Finally, Navellier & Associates Inc raised its stake in shares of Cognex Corporation by 1.3% in the first quarter. Navellier & Associates Inc now owns 89,796 shares of the scientific and technical instruments company’s stock worth $7,538,000 after buying an additional 1,135 shares during the last quarter. 87.46% of the stock is currently owned by hedge funds and other institutional investors.
Cognex Corporation 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 operates through the machine vision technology segment. 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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