Cognex Corporation $CGNX Stock: Riverbridge Partners LLC Reduces Position

Riverbridge Partners LLC reduced its position in Cognex Corporation (NASDAQ:CGNX) by 10.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 398,831 shares of the scientific and technical instruments company’s stock after selling 45,746 shares during the period. Riverbridge Partners LLC’s holdings in Cognex were worth $24,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Robinhood Asset Management LLC bought a new stake in shares of Cognex during the 2nd quarter valued at about $16,461,000. Equitable Holdings Inc. purchased a new stake in Cognex in the 2nd quarter worth approximately $918,000. Bank of America Corp DE boosted its position in shares of Cognex by 51.9% in the first quarter. Bank of America Corp DE now owns 731,149 shares of the scientific and technical instruments company’s stock worth $35,819,000 after purchasing an additional 249,877 shares during the period. Oppenheimer Asset Management Inc. bought a new position in shares of Cognex in the second quarter worth approximately $29,034,000. Finally, Rice Hall James & Associates LLC purchased a new stake in shares of Cognex in the second quarter worth $4,894,000. Institutional investors own 88.12% of the company’s stock.

Cognex Price Performance

Shares of CGNX opened at $50.80 on Wednesday. Cognex Corporation has a 1 year low of $34.60 and a 1 year high of $72.88. The company has a 50 day simple moving average of $58.65 and a two-hundred day simple moving average of $58.13. The firm has a market cap of $8.55 billion, a P/E ratio of 34.01 and a beta of 1.49.

Cognex (NASDAQ:CGNX) last released its quarterly earnings data on Wednesday, November 4th. The scientific and technical instruments company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. Cognex had a net margin of 21.50% and a return on equity of 15.75%. The firm had revenue of $313.39 million for the quarter, compared to analysts’ expectations of $313.62 million. During the same quarter last year, the business posted $0.33 earnings per share. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Cognex Corporation will post 1.71 earnings per share for the current year.

Cognex Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Thursday, November 19th will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, November 19th. This is a positive change from Cognex’s previous quarterly dividend of $0.0850. This represents a $0.36 annualized dividend and a yield of 0.7%. Cognex’s dividend payout ratio is 23.78%.

Wall Street Analyst Weigh In

Several analysts have recently commented on CGNX shares. HSBC downgraded shares of Cognex from a “buy” rating to a “hold” rating and set a $65.00 price objective on the stock. in a research report on Monday, August 10th. JPMorgan Chase & Co. dropped their target price on shares of Cognex from $75.00 to $65.00 and set an “overweight” rating for the company in a report on Friday, November 6th. Robert W. Baird cut their price target on Cognex from $78.00 to $70.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Cognex in a report on Wednesday, November 4th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $91.00 price target on shares of Cognex in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.50.

Cognex Profile

Cognex Corporation develops machine vision products that help businesses automate the inspection, identification and measurement of manufactured goods and packages. Its offerings include vision systems, barcode readers, vision sensors and software that analyze images captured during production and logistics operations. The company’s technology is used in industries such as automotive, electronics, consumer goods, pharmaceuticals and logistics. Applications include checking product quality, guiding robots and reading codes on items moving through manufacturing and distribution facilities.