Picton Mahoney Asset Management Buys New Stake in Cognex Co. (CGNX)
Picton Mahoney Asset Management bought a new stake in shares of Cognex Co. (NASDAQ:CGNX) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 16,700 shares of the scientific and technical instruments company’s stock, valued at approximately $932,000.
Several other large investors have also made changes to their positions in CGNX. Capital Analysts LLC boosted its position in shares of Cognex by 1,180.6% during the second quarter. Capital Analysts LLC now owns 2,305 shares of the scientific and technical instruments company’s stock valued at $103,000 after buying an additional 2,125 shares during the period. CAPROCK Group Inc. purchased a new position in shares of Cognex during the third quarter valued at approximately $221,000. Eastern Bank purchased a new position in shares of Cognex during the second quarter valued at approximately $223,000. Chatham Capital Group Inc. purchased a new position in shares of Cognex during the third quarter valued at approximately $232,000. Finally, Advisor Partners LLC boosted its position in shares of 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 buying an additional 1,140 shares during the period. Institutional investors and hedge funds own 90.36% of the company’s stock.
Shares of NASDAQ CGNX opened at $45.06 on Friday. The company has a market capitalization of $8.17 billion, a P/E ratio of 37.05, a PEG ratio of 2.63 and a beta of 1.90. Cognex Co. has a 52-week low of $36.16 and a 52-week high of $72.99.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Friday, November 16th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.20 dividend on an annualized basis and a yield of 0.44%. This is a positive change from Cognex’s previous quarterly dividend of $0.05. Cognex’s dividend payout ratio is currently 12.41%.
Cognex announced that its board has authorized a share repurchase program on Monday, October 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the scientific and technical instruments company to reacquire up to 2.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of brokerages recently issued reports on CGNX. Robert W. Baird reiterated a “hold” rating and issued a $48.00 price target on shares of Cognex in a report on Tuesday, July 31st. BidaskClub lowered Cognex from a “hold” rating to a “sell” rating in a report on Tuesday, October 9th. Morgan Stanley set a $52.00 price target on Cognex and gave the company a “hold” rating in a report on Thursday, October 11th. DA Davidson began coverage on Cognex in a report on Tuesday, October 2nd. They issued a “neutral” rating and a $57.00 price target for the company. Finally, ValuEngine lowered Cognex from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 24th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $51.55.
In other Cognex news, Director Jerry A. Schneider sold 5,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 7,000 shares in the company, valued at $380,030. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Anthony Sun sold 10,000 shares of the company’s stock in a transaction 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 sale, the director now 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 corporate insiders.
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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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