ValuEngine downgraded shares of Cognex (NASDAQ:CGNX) from a sell rating to a strong sell rating in a research report report published on Tuesday.
CGNX has been the topic of a number of other reports. Zacks Investment Research cut shares of Cognex from a buy rating to a sell rating in a report on Wednesday, May 2nd. Raymond James raised shares of Cognex from a market perform rating to an outperform rating in a report on Tuesday, May 1st. JPMorgan Chase & Co. cut shares of Cognex from a neutral rating to an underweight rating and set a $42.00 price objective on the stock. in a report on Monday, May 7th. BidaskClub cut shares of Cognex from a sell rating to a strong sell rating in a report on Thursday, April 26th. Finally, Robert W. Baird dropped their price objective on shares of Cognex from $62.00 to $40.00 and set a neutral rating on the stock in a report on Tuesday, May 1st. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $57.21.
Shares of NASDAQ:CGNX opened at $46.60 on Tuesday. The firm has a market cap of $8.05 billion, a price-to-earnings ratio of 33.38 and a beta of 1.61. Cognex has a 1-year low of $39.90 and a 1-year high of $72.99.
Cognex (NASDAQ:CGNX) last issued its earnings results on Monday, April 30th. The scientific and technical instruments company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.01. The company had revenue of $169.57 million for the quarter, compared to analysts’ expectations of $170.93 million. Cognex had a net margin of 21.56% and a return on equity of 23.08%. The firm’s revenue was up 22.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 earnings per share. sell-side analysts anticipate that Cognex will post 1.15 EPS for the current fiscal year.
Cognex announced that its board has authorized a share buyback program on Thursday, February 15th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Investors of record on Friday, May 18th will be issued a $0.045 dividend. The ex-dividend date is Thursday, May 17th. This represents a $0.18 dividend on an annualized basis and a dividend yield of 0.39%. Cognex’s dividend payout ratio (DPR) is presently 12.41%.
In related news, Director Anthony Sun sold 10,000 shares of the stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $56.49, for a total value of $564,900.00. Following the sale, the director now owns 294,262 shares of the company’s stock, valued at approximately $16,622,860.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.40% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in CGNX. Atria Investments LLC grew its position in Cognex by 62.3% in the 4th quarter. Atria Investments LLC now owns 7,648 shares of the scientific and technical instruments company’s stock valued at $468,000 after buying an additional 2,935 shares in the last quarter. Bank of Montreal Can grew its position in Cognex by 89.8% in the 4th quarter. Bank of Montreal Can now owns 142,575 shares of the scientific and technical instruments company’s stock valued at $8,721,000 after buying an additional 67,442 shares in the last quarter. Creative Planning grew its position in Cognex by 109.9% in the 4th quarter. Creative Planning now owns 17,852 shares of the scientific and technical instruments company’s stock valued at $1,092,000 after buying an additional 9,348 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in Cognex by 106.2% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 620,755 shares of the scientific and technical instruments company’s stock valued at $37,966,000 after buying an additional 319,729 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in Cognex in the 4th quarter valued at about $171,000. Hedge funds and other institutional investors own 84.64% of the company’s stock.
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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