World Asset Management Inc boosted its position in shares of Cognex Corporation (NASDAQ:CGNX) by 4.3% during the second quarter, Holdings Channel reports. The institutional investor owned 6,244 shares of the scientific and technical instruments company’s stock after buying an additional 260 shares during the period. World Asset Management Inc’s holdings in Cognex Corporation were worth $530,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. FMR LLC increased its stake in shares of Cognex Corporation by 6.1% in the first quarter. FMR LLC now owns 885,949 shares of the scientific and technical instruments company’s stock worth $74,375,000 after buying an additional 51,144 shares in the last quarter. BlackRock Inc. increased its stake in shares of Cognex Corporation by 16,264.7% in the first quarter. BlackRock Inc. now owns 6,656,024 shares of the scientific and technical instruments company’s stock worth $558,773,000 after buying an additional 6,615,351 shares in the last quarter. Fifth Third Bancorp increased its stake 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. Handelsinvest Investeringsforvaltning increased its stake in shares of Cognex Corporation by 22.9% in the second quarter. Handelsinvest Investeringsforvaltning now owns 93,400 shares of the scientific and technical instruments company’s stock worth $7,930,000 after buying an additional 17,400 shares in the last quarter. Finally, Swiss National Bank increased its stake in shares of Cognex Corporation by 1.4% in the first quarter. Swiss National Bank now owns 134,651 shares of the scientific and technical instruments company’s stock worth $11,304,000 after buying an additional 1,800 shares in the last quarter. Institutional investors and hedge funds own 87.13% of the company’s stock.
Shares of Cognex Corporation (NASDAQ:CGNX) opened at 102.71 on Thursday. The company’s 50-day moving average price is $92.79 and its 200-day moving average price is $85.02. The company has a market capitalization of $8.89 billion, a PE ratio of 46.92 and a beta of 1.43. Cognex Corporation has a 1-year low of $47.25 and a 1-year high of $110.69.
Cognex Corporation (NASDAQ:CGNX) last issued 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 Thomson Reuters’ consensus estimate of $0.55 by $0.08. Cognex Corporation had a return on equity of 19.51% and a net margin of 33.10%. The firm had revenue of $172.90 million for the quarter, compared to analyst estimates of $169.79 million. During the same period in the previous year, the firm earned $0.50 earnings per share. The company’s revenue was up 17.4% compared to the same quarter last year. On average, equities analysts expect that Cognex Corporation will post $2.56 earnings per share for the current fiscal year.
Cognex Corporation declared that its Board of Directors has initiated a stock buyback 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 repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a $0.085 dividend. This represents a $0.34 annualized dividend 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%.
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A number of analysts recently weighed in on CGNX shares. Zacks Investment Research upgraded shares of Cognex Corporation from a “hold” rating to a “buy” rating and set a $118.00 price target on the stock in a research report on Wednesday, August 2nd. BidaskClub upgraded shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. Cowen and Company cut their price target 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. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $80.00 price target (up from $65.00) on shares of Cognex Corporation in a research report on Wednesday, May 3rd. Five equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $82.75.
In other Cognex Corporation news, Director Theodor Krantz sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $96.09, for a total value of $720,675.00. Following the transaction, the director now directly owns 26,250 shares of the company’s stock, valued at $2,522,362.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert Willett sold 55,919 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $91.73, for a total value of $5,129,449.87. Following the completion of the transaction, the chief executive officer now directly owns 55,919 shares in the company, valued at $5,129,449.87. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,419 shares of company stock worth $6,363,475. Insiders own 5.60% of the company’s stock.
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.
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