Cognex Corp. (CGNX) Trading Down 2.7%
Cognex Corp. (NASDAQ:CGNX)’s share price fell 2.7% on Wednesday . The stock traded as low as $47.05 and last traded at $47.62, with a volume of 690,775 shares trading hands. The stock had previously closed at $48.94.
Several brokerages recently weighed in on CGNX. Credit Agricole SA lifted their price target on Cognex Corp. from $37.00 to $55.00 and gave the company an “underperform” rating in a research note on Tuesday. Canaccord Genuity boosted their price objective on Cognex Corp. from $45.00 to $49.00 and gave the stock a “hold” rating in a research note on Tuesday. Needham & Company LLC boosted their price objective on Cognex Corp. from $42.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday. Sanford C. Bernstein initiated coverage on Cognex Corp. in a research note on Monday, June 6th. They set a “market perform” rating and a $40.10 price objective for the company. Finally, Zacks Investment Research upgraded Cognex Corp. from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, May 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Cognex Corp. currently has an average rating of “Hold” and an average target price of $46.90.
The company has a 50-day moving average price of $43.32 and a 200-day moving average price of $39.26. The stock has a market cap of $4.13 billion and a P/E ratio of 23.46.
Cognex Corp. (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.07. The company had revenue of $147.27 million for the quarter, compared to analyst estimates of $138.11 million. During the same quarter in the previous year, the business posted $0.49 earnings per share. Cognex Corp.’s revenue was up 2.4% on a year-over-year basis. On average, equities analysts predict that Cognex Corp. will post $1.28 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 16th. Stockholders of record on Friday, September 2nd will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, August 31st. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.62%.
In other Cognex Corp. news, Director Eugene G. Banucci acquired 2,000 shares of the company’s stock in a transaction dated Wednesday, May 18th. The stock was acquired at an average cost of $38.80 per share, with a total value of $77,600.00. Following the purchase, the director now directly owns 2,000 shares in the company, valued at approximately $77,600. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Reuben Wasserman sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $43.05, for a total transaction of $322,875.00. Following the transaction, the director now directly owns 7,500 shares of the company’s stock, valued at $322,875. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have modified their holdings of CGNX. American International Group Inc. boosted its position in shares of Cognex Corp. by 3.4% in the fourth quarter. American International Group Inc. now owns 178,853 shares of the company’s stock worth $6,040,000 after buying an additional 5,851 shares during the period. US Bancorp DE boosted its position in shares of Cognex Corp. by 50.0% in the fourth quarter. US Bancorp DE now owns 55,964 shares of the company’s stock worth $1,890,000 after buying an additional 18,654 shares during the period. Bank of Montreal Can boosted its position in shares of Cognex Corp. by 7.9% in the fourth quarter. Bank of Montreal Can now owns 229,815 shares of the company’s stock worth $7,761,000 after buying an additional 16,834 shares during the period. Morgan Stanley boosted its position in shares of Cognex Corp. by 28.8% in the fourth quarter. Morgan Stanley now owns 350,859 shares of the company’s stock worth $11,849,000 after buying an additional 78,372 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. boosted its position in shares of Cognex Corp. by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 56,119 shares of the company’s stock worth $1,894,000 after buying an additional 19,053 shares during the period.
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 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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