Cognex Corporation (CGNX) Expected to Post Quarterly Sales of $256.81 Million
Wall Street brokerages expect Cognex Corporation (NASDAQ:CGNX) to report sales of $256.81 million for the current quarter, Zacks reports. Four analysts have made estimates for Cognex Corporation’s earnings, with the highest sales estimate coming in at $259.75 million and the lowest estimate coming in at $254.36 million. Cognex Corporation reported sales of $147.95 million in the same quarter last year, which indicates a positive year over year growth rate of 73.6%. The company is scheduled to announce its next earnings results on Monday, October 30th.
According to Zacks, analysts expect that Cognex Corporation will report full-year sales of $256.81 million for the current fiscal year, with estimates ranging from $652.45 million to $724.52 million. For the next fiscal year, analysts expect that the company will report sales of $782.28 million per share, with estimates ranging from $734.20 million to $851.68 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Cognex Corporation.
Cognex Corporation (NASDAQ:CGNX) last issued its quarterly earnings data on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.08. The firm had revenue of $172.90 million for the quarter, compared to analyst estimates of $169.79 million. Cognex Corporation had a net margin of 33.10% and a return on equity of 19.51%. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 earnings per share.
Several research firms have commented on CGNX. Cowen and Company restated a “buy” rating and issued a $100.00 target price on shares of Cognex Corporation in a research note on Tuesday, July 11th. Wolfe Research began coverage on Cognex Corporation in a research note on Tuesday, July 11th. They issued a “peer perform” rating on the stock. Zacks Investment Research upgraded Cognex Corporation from a “sell” rating to a “buy” rating and set a $101.00 target price on the stock in a research note on Wednesday, May 3rd. Canaccord Genuity restated a “hold” rating and issued a $80.00 target price (up previously from $65.00) on shares of Cognex Corporation in a research note on Wednesday, May 3rd. Finally, BidaskClub cut Cognex Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. 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’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $82.75.
In other Cognex Corporation news, Director Jerry A. Schneider sold 5,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $102.67, for a total value of $513,350.00. Following the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $616,020. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Theodor Krantz sold 7,500 shares of the company’s 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 transaction, the director now directly owns 26,250 shares in the company, valued at $2,522,362.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 93,419 shares of company stock worth $8,947,725. 5.60% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Segantii Capital Management Ltd purchased a new position in shares of Cognex Corporation during the first quarter worth approximately $101,000. Daiwa Securities Group Inc. purchased a new position in shares of Cognex Corporation during the second quarter worth approximately $102,000. IFP Advisors Inc raised its position in shares of Cognex Corporation by 172.3% in the first quarter. IFP Advisors Inc now owns 1,307 shares of the scientific and technical instruments company’s stock worth $110,000 after buying an additional 827 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Cognex Corporation by 69.9% in the first quarter. Fifth Third Bancorp now owns 1,580 shares of the scientific and technical instruments company’s stock worth $133,000 after buying an additional 650 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in shares of Cognex Corporation during the second quarter worth approximately $135,000. 87.13% of the stock is currently owned by hedge funds and other institutional investors.
Cognex Corporation (CGNX) opened at 101.52 on Friday. The company has a market cap of $8.79 billion, a price-to-earnings ratio of 46.38 and a beta of 1.43. Cognex Corporation has a 12 month low of $47.25 and a 12 month high of $110.69. The company’s 50-day moving average is $93.33 and its 200 day moving average is $85.39.
Cognex Corporation announced that its board has authorized a share repurchase plan on Monday, May 1st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the scientific and technical instruments company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are 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 paid a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Wednesday, August 16th. Cognex Corporation’s dividend payout ratio (DPR) is presently 15.60%.
COPYRIGHT VIOLATION WARNING: “Cognex Corporation (CGNX) Expected to Post Quarterly Sales of $256.81 Million” was posted by Daily Political and is the property of of Daily Political. If you are accessing this piece on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this piece can be viewed at https://www.dailypolitical.com/2017/08/13/cognex-corporation-cgnx-expected-to-post-quarterly-sales-of-256-81-million.html.
Cognex Corporation 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cognex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognex Corporation and related companies with MarketBeat.com's FREE daily email newsletter.