California Public Employees Retirement System raised its stake in shares of Cognex Co. (NASDAQ:CGNX) by 98.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 432,889 shares of the scientific and technical instruments company’s stock after acquiring an additional 215,072 shares during the period. California Public Employees Retirement System’s holdings in Cognex were worth $26,475,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. M&T Bank Corp grew its holdings in shares of Cognex by 87.8% in the fourth quarter. M&T Bank Corp now owns 41,527 shares of the scientific and technical instruments company’s stock valued at $2,540,000 after purchasing an additional 19,417 shares in the last quarter. Shelton Capital Management grew its holdings in shares of Cognex by 100.0% in the fourth quarter. Shelton Capital Management now owns 12,950 shares of the scientific and technical instruments company’s stock valued at $792,000 after purchasing an additional 6,475 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Cognex by 559.2% in the fourth quarter. Teacher Retirement System of Texas now owns 47,202 shares of the scientific and technical instruments company’s stock valued at $2,887,000 after purchasing an additional 40,041 shares in the last quarter. Genesee Valley Trust Co. grew its holdings in shares of Cognex by 89.8% in the fourth quarter. Genesee Valley Trust Co. now owns 7,623 shares of the scientific and technical instruments company’s stock valued at $466,000 after purchasing an additional 3,607 shares in the last quarter. Finally, ING Groep NV purchased a new position in shares of Cognex in the fourth quarter valued at $302,000. 45.66% of the stock is owned by institutional investors and hedge funds.
CGNX has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of Cognex from a “strong-buy” rating to a “sell” rating in a report on Tuesday, January 2nd. BidaskClub lowered shares of Cognex from a “buy” rating to a “hold” rating in a report on Friday, January 26th. JPMorgan Chase & Co. lowered shares of Cognex from a “neutral” rating to an “underweight” rating and set a $62.50 target price for the company. in a report on Wednesday, November 8th. ValuEngine lowered shares of Cognex from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Finally, Robert W. Baird raised their target price on shares of Cognex from $50.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $66.83.
In related news, Director Patrick Alias sold 5,000 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $143.54, for a total value of $717,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.60% of the stock is owned by company insiders.
Shares of Cognex Co. (NASDAQ CGNX) opened at $55.77 on Monday. The stock has a market capitalization of $9,660.00, a price-to-earnings ratio of 56.91 and a beta of 1.44. Cognex Co. has a 52-week low of $36.67 and a 52-week high of $72.99.
Cognex (NASDAQ:CGNX) last issued its quarterly earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. The company had revenue of $180.37 million during the quarter, compared to the consensus estimate of $178.75 million. Cognex had a return on equity of 24.40% and a net margin of 23.69%. Cognex’s revenue was up 39.5% on a year-over-year basis. During the same period last year, the company earned $0.20 earnings per share. equities analysts forecast that Cognex Co. will post 1.48 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Investors of record on Friday, March 2nd will be given a $0.045 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.18 dividend on an annualized basis and a yield of 0.32%. Cognex’s dividend payout ratio is presently 18.37%.
Cognex announced that its Board of Directors has initiated a share repurchase program on Thursday, February 15th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
Cognex 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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