Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its holdings in Cognex Co. (NASDAQ:CGNX) by 25.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,952 shares of the scientific and technical instruments company’s stock after selling 11,730 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Cognex were worth $1,951,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. Swiss National Bank grew its stake in shares of Cognex by 3.5% in the second quarter. Swiss National Bank now owns 572,900 shares of the scientific and technical instruments company’s stock valued at $25,557,000 after acquiring an additional 19,400 shares in the last quarter. Joho Capital LLC lifted its position in Cognex by 24.1% during the second quarter. Joho Capital LLC now owns 3,069,024 shares of the scientific and technical instruments company’s stock worth $136,909,000 after purchasing an additional 595,358 shares during the period. Nisa Investment Advisors LLC lifted its position in Cognex by 55.3% during the third quarter. Nisa Investment Advisors LLC now owns 34,000 shares of the scientific and technical instruments company’s stock worth $1,898,000 after purchasing an additional 12,100 shares during the period. Retirement Systems of Alabama lifted its position in Cognex by 21.6% during the third quarter. Retirement Systems of Alabama now owns 272,319 shares of the scientific and technical instruments company’s stock worth $15,201,000 after purchasing an additional 48,370 shares during the period. Finally, ING Groep NV bought a new stake in Cognex during the second quarter worth about $459,000. Institutional investors and hedge funds own 90.47% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Berenberg Bank assumed coverage on shares of Cognex in a research report on Monday. They set a “buy” rating and a $54.00 price objective for the company. BidaskClub cut shares of Cognex from a “hold” rating to a “sell” rating in a research report on Tuesday, November 13th. Daiwa Capital Markets set a $49.00 price objective on shares of Cognex and gave the stock a “buy” rating in a research report on Thursday, November 1st. Zacks Investment Research raised shares of Cognex from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Finally, Morgan Stanley cut their price objective on shares of Cognex from $52.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 30th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.76.
CGNX stock opened at $40.89 on Friday. The stock has a market capitalization of $7.04 billion, a PE ratio of 31.94, a P/E/G ratio of 2.27 and a beta of 1.90. Cognex Co. has a 12 month low of $36.16 and a 12 month high of $72.99.
Cognex (NASDAQ:CGNX) last posted its earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. The firm had revenue of $232.22 million during the quarter, compared to analysts’ expectations of $227.15 million. Cognex had a net margin of 18.52% and a return on equity of 20.88%. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.14 earnings per share. On average, equities research analysts forecast that Cognex Co. will post 1.2 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Friday, November 16th will be issued a $0.05 dividend. The ex-dividend date is Thursday, November 15th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.49%. This is a boost from Cognex’s previous quarterly dividend of $0.05. Cognex’s dividend payout ratio is 13.79%.
Cognex declared that its board has approved a share repurchase program on Monday, October 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the scientific and technical instruments company to reacquire up to 2.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
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Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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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