Bank of New York Mellon Corp Grows Stock Position in Cognex Corporation $CGNX

Bank of New York Mellon Corp boosted its holdings in Cognex Corporation (NASDAQ:CGNX) by 43.9% during the third quarter, Holdings Channel.com reports. The fund owned 3,024,355 shares of the scientific and technical instruments company’s stock after acquiring an additional 922,149 shares during the period. Bank of New York Mellon Corp’s holdings in Cognex were worth $137,003,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of Cognex by 13.2% in the first quarter. Royal Bank of Canada now owns 200,351 shares of the scientific and technical instruments company’s stock valued at $5,976,000 after purchasing an additional 23,326 shares in the last quarter. Empowered Funds LLC purchased a new stake in Cognex in the 1st quarter valued at approximately $291,000. Intech Investment Management LLC lifted its stake in Cognex by 24.1% in the 1st quarter. Intech Investment Management LLC now owns 47,444 shares of the scientific and technical instruments company’s stock valued at $1,415,000 after buying an additional 9,223 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Cognex by 402.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 919 shares of the scientific and technical instruments company’s stock valued at $27,000 after buying an additional 736 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in Cognex by 31.5% during the second quarter. Farther Finance Advisors LLC now owns 1,277 shares of the scientific and technical instruments company’s stock worth $40,000 after buying an additional 306 shares in the last quarter. Institutional investors and hedge funds own 88.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CGNX shares. The Goldman Sachs Group upgraded Cognex from a “sell” rating to a “buy” rating and upped their price objective for the company from $42.00 to $50.00 in a research report on Tuesday, December 16th. Barclays set a $54.00 target price on shares of Cognex and gave the company an “overweight” rating in a report on Monday, January 12th. Robert W. Baird set a $45.00 price target on shares of Cognex in a report on Friday, October 31st. UBS Group reissued a “buy” rating and issued a $58.00 price objective on shares of Cognex in a research report on Friday, October 31st. Finally, DA Davidson set a $38.00 target price on shares of Cognex and gave the stock a “neutral” rating in a research report on Monday, November 3rd. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.64.

Cognex Price Performance

NASDAQ CGNX opened at $38.74 on Friday. The company has a market cap of $6.49 billion, a P/E ratio of 60.53 and a beta of 1.52. Cognex Corporation has a 12 month low of $22.67 and a 12 month high of $49.76. The company has a 50-day moving average of $38.03 and a 200-day moving average of $40.76.

Cognex (NASDAQ:CGNX) last released its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.06. Cognex had a net margin of 11.33% and a return on equity of 8.26%. The firm had revenue of $264.00 million during the quarter, compared to the consensus estimate of $261.86 million. During the same period in the previous year, the firm earned $0.20 earnings per share. Cognex’s revenue was up 18.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Cognex Corporation will post 0.61 EPS for the current year.

About Cognex

Cognex Corporation is a leading provider of machine vision systems, software, sensors and industrial barcode readers used to automate manufacturing, logistics and distribution processes. The company designs and develops vision-based products that help manufacturers and logistics operators inspect, identify and guide parts, assemblies and packaged goods in real time. Its solutions are applied in a broad range of industries, including automotive, electronics, semiconductor, pharmaceutical, food and beverage, and general manufacturing.

The company’s product portfolio includes stand-alone vision systems, vision sensors and deep learning-based software platforms that enable automated inspection, quality control and traceability.