Standard Life Aberdeen plc grew its position in Cognex Co. (NASDAQ:CGNX) by 100.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 462,244 shares of the scientific and technical instruments company’s stock after acquiring an additional 231,122 shares during the period. Standard Life Aberdeen plc’s holdings in Cognex were worth $28,271,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in the company. OppenheimerFunds Inc. increased its holdings in shares of Cognex by 63.2% in the fourth quarter. OppenheimerFunds Inc. now owns 2,914,913 shares of the scientific and technical instruments company’s stock valued at $178,276,000 after purchasing an additional 1,128,402 shares during the period. Brown Advisory Inc. grew its holdings in Cognex by 100.0% during the fourth quarter. Brown Advisory Inc. now owns 6,230 shares of the scientific and technical instruments company’s stock worth $381,000 after acquiring an additional 3,115 shares during the period. Pinnacle Associates Ltd. grew its holdings in Cognex by 82.9% during the fourth quarter. Pinnacle Associates Ltd. now owns 1,795,778 shares of the scientific and technical instruments company’s stock worth $109,830,000 after acquiring an additional 813,956 shares during the period. AlphaStar Capital Management LLC acquired a new stake in Cognex during the fourth quarter worth about $337,000. Finally, State of Tennessee Treasury Department grew its holdings in Cognex by 142.9% during the fourth quarter. State of Tennessee Treasury Department now owns 170,000 shares of the scientific and technical instruments company’s stock worth $10,397,000 after acquiring an additional 100,000 shares during the period. 64.08% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on CGNX. Zacks Investment Research raised Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, February 13th. Robert W. Baird raised their target price on Cognex from $50.00 to $62.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. BidaskClub raised Cognex from a “hold” rating to a “buy” rating in a report on Wednesday, January 10th. ValuEngine lowered Cognex from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Finally, Deutsche Bank set a $80.00 target price on Cognex and gave the stock a “buy” rating in a report on Friday, January 19th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $66.83.
Cognex (NASDAQ:CGNX) last issued its quarterly earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. The company had revenue of $180.37 million for the quarter, compared to the consensus estimate of $178.75 million. Cognex had a return on equity of 24.23% and a net margin of 23.69%. Cognex’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.20 earnings per share. analysts expect that Cognex Co. will post 1.39 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Shareholders of record on Friday, March 2nd will be given a dividend of $0.045 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.18 dividend on an annualized basis and a yield of 0.33%. Cognex’s dividend payout ratio is currently 18.37%.
Cognex declared that its Board of Directors has initiated a share repurchase program on Thursday, February 15th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Cognex 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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