Bank of New York Mellon Corp lowered its position in Cognex Co. (NASDAQ:CGNX) by 9.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,032,021 shares of the scientific and technical instruments company’s stock after selling 1,191,743 shares during the quarter. Bank of New York Mellon Corp owned 6.24% of Cognex worth $927,242,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in CGNX. Select Equity Group L.P. bought a new stake in shares of Cognex in the 1st quarter worth approximately $54,404,000. Nuveen Asset Management LLC raised its holdings in shares of Cognex by 52.5% in the 1st quarter. Nuveen Asset Management LLC now owns 1,886,954 shares of the scientific and technical instruments company’s stock worth $156,598,000 after buying an additional 649,320 shares in the last quarter. Fred Alger Management LLC raised its holdings in shares of Cognex by 23.5% in the 1st quarter. Fred Alger Management LLC now owns 3,280,344 shares of the scientific and technical instruments company’s stock worth $272,236,000 after buying an additional 623,431 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Cognex by 43.0% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,612,191 shares of the scientific and technical instruments company’s stock worth $133,795,000 after buying an additional 484,581 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Cognex by 18.3% in the 1st quarter. Nordea Investment Management AB now owns 2,733,545 shares of the scientific and technical instruments company’s stock worth $227,978,000 after buying an additional 423,509 shares in the last quarter. Institutional investors own 88.25% of the company’s stock.
In other news, Director Anthony Sun sold 30,000 shares of the firm’s stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $86.41, for a total value of $2,592,300.00. Following the transaction, the director now directly owns 337,262 shares in the company, valued at approximately $29,142,809.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Patrick Alias sold 17,500 shares of the firm’s stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $87.19, for a total value of $1,525,825.00. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by company insiders.
Cognex (NASDAQ:CGNX) last released its earnings results on Thursday, August 5th. The scientific and technical instruments company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.05. The company had revenue of $269.16 million during the quarter, compared to analysts’ expectations of $263.11 million. Cognex had a return on equity of 21.92% and a net margin of 30.96%. On average, sell-side analysts anticipate that Cognex Co. will post 1.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 3rd. Stockholders of record on Friday, August 20th were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 0.28%. Cognex’s dividend payout ratio (DPR) is currently 24.00%.
A number of brokerages have recently issued reports on CGNX. Zacks Investment Research raised Cognex from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a report on Wednesday, August 11th. HSBC cut Cognex from a “buy” rating to a “hold” rating and set a $92.00 target price for the company. in a report on Friday, August 6th. DA Davidson reissued a “neutral” rating on shares of Cognex in a report on Tuesday, August 10th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognex in a report on Friday, August 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Cognex currently has a consensus rating of “Hold” and a consensus target price of $90.29.
Cognex Corp. engages in the provision of machine vision products that capture and analyze visual information in order to automate tasks in processes, where vision is required. The company was founded by Robert J. Shillman, William Silver and Marilyn Matz in 1981 and is headquartered in Natick, MA.
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