Kornitzer Capital Management Inc. KS cut its stake in shares of Cognex Corporation (NASDAQ:CGNX) by 77.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 33,590 shares of the scientific and technical instruments company’s stock after selling 113,635 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Cognex Corporation were worth $2,852,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC bought a new position in Cognex Corporation during the fourth quarter valued at $1,282,000. Teachers Advisors LLC boosted its position in Cognex Corporation by 8.8% in the fourth quarter. Teachers Advisors LLC now owns 77,330 shares of the scientific and technical instruments company’s stock valued at $4,920,000 after buying an additional 6,261 shares during the period. Macquarie Group Ltd. bought a new position in Cognex Corporation during the fourth quarter valued at $2,220,000. Bank of Montreal Can boosted its position in Cognex Corporation by 4.9% in the first quarter. Bank of Montreal Can now owns 138,251 shares of the scientific and technical instruments company’s stock valued at $11,605,000 after buying an additional 6,435 shares during the period. Finally, Capstone Asset Management Co. boosted its position in Cognex Corporation by 4.8% in the first quarter. Capstone Asset Management Co. now owns 11,032 shares of the scientific and technical instruments company’s stock valued at $926,000 after buying an additional 510 shares during the period. Institutional investors own 87.13% of the company’s stock.

Cognex Corporation (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.08. Cognex Corporation had a net margin of 33.10% and a return on equity of 19.51%. The business had revenue of $172.90 million during the quarter, compared to the consensus estimate of $169.79 million. During the same quarter last year, the firm posted $0.50 EPS. Cognex Corporation’s revenue was up 17.4% compared to the same quarter last year.

Cognex Corporation announced that its board has initiated a stock repurchase plan on Monday, May 1st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the scientific and technical instruments company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a $0.085 dividend. This represents a $0.34 annualized dividend and a yield of 0.34%. The ex-dividend date is Wednesday, August 16th. Cognex Corporation’s payout ratio is currently 15.60%.

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CGNX has been the subject of several research analyst reports. Zacks Investment Research cut shares of Cognex Corporation from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 19th. Cowen and Company cut their price objective on shares of Cognex Corporation from $100.00 to $90.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 2nd. Canaccord Genuity reissued a “hold” rating and issued a $80.00 price objective (up previously from $65.00) on shares of Cognex Corporation in a research report on Wednesday, May 3rd. BidaskClub lowered shares of Cognex Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Wolfe Research started coverage on shares of Cognex Corporation in a research report on Tuesday, July 11th. They issued a “peer perform” rating on the stock. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $82.75.

In related news, Director Theodor Krantz sold 7,500 shares of Cognex Corporation stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $96.09, for a total value of $720,675.00. Following the completion of the sale, the director now owns 26,250 shares of the company’s stock, valued at approximately $2,522,362.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Robert Willett sold 43,981 shares of Cognex Corporation stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $89.79, for a total transaction of $3,949,053.99. Following the completion of the sale, the chief executive officer now directly owns 20,020 shares of the company’s stock, valued at approximately $1,797,595.80. The disclosure for this sale can be found here. In the last three months, insiders sold 112,400 shares of company stock valued at $10,312,529. 5.60% of the stock is currently owned by insiders.

About Cognex Corporation

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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Institutional Ownership by Quarter for Cognex Corporation (NASDAQ:CGNX)

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