Bahl & Gaynor Inc. grew its stake in shares of Cognex Co. (NASDAQ:CGNX) by 27.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,922 shares of the scientific and technical instruments company’s stock after purchasing an additional 1,500 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Cognex were worth $386,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. lifted its stake in shares of Cognex by 0.4% during the third quarter. BlackRock Inc. now owns 17,842,060 shares of the scientific and technical instruments company’s stock worth $995,944,000 after purchasing an additional 72,784 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Cognex by 3.3% during the third quarter. Bank of New York Mellon Corp now owns 8,529,267 shares of the scientific and technical instruments company’s stock worth $476,104,000 after purchasing an additional 268,565 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Cognex by 2.8% in the third quarter. Janus Henderson Group PLC now owns 4,931,458 shares of the scientific and technical instruments company’s stock worth $275,296,000 after acquiring an additional 134,103 shares in the last quarter. Eagle Asset Management Inc. lifted its stake in shares of Cognex by 41.4% in the second quarter. Eagle Asset Management Inc. now owns 3,345,230 shares of the scientific and technical instruments company’s stock worth $149,230,000 after acquiring an additional 980,194 shares in the last quarter. Finally, Joho Capital LLC lifted its stake in shares of Cognex by 24.1% in 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 acquiring an additional 595,358 shares in the last quarter. Institutional investors own 90.47% of the company’s stock.
Several research firms recently commented on CGNX. Berenberg Bank began coverage on Cognex in a research note on Monday, November 19th. They issued a “buy” rating and a $54.00 price target on the stock. BidaskClub cut Cognex from a “hold” rating to a “sell” rating in a research note on Tuesday, November 13th. Daiwa Capital Markets set a $49.00 price target on Cognex and gave the stock a “buy” rating in a research note on Thursday, November 1st. Zacks Investment Research raised Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. Finally, Morgan Stanley lowered their price objective on Cognex from $52.00 to $40.00 and set an “equal weight” rating for the company in a report on Tuesday, October 30th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Cognex presently has an average rating of “Hold” and an average target price of $51.76.
Shares of Cognex stock opened at $40.85 on Friday. The stock has a market capitalization of $7.04 billion, a P/E ratio of 28.17, a PEG ratio of 2.27 and a beta of 1.90. Cognex Co. has a fifty-two week low of $36.16 and a fifty-two week high of $72.71.
Cognex (NASDAQ:CGNX) last announced its quarterly earnings data on Monday, October 29th. The scientific and technical instruments company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.08. The firm had revenue of $232.22 million during the quarter, compared to analyst estimates of $227.15 million. Cognex had a return on equity of 20.88% and a net margin of 18.52%. Cognex’s quarterly revenue was down 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.14 earnings per share. On average, equities analysts anticipate that Cognex Co. will post 1.2 EPS for the current 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 dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, November 15th. This is a positive change from Cognex’s previous quarterly dividend of $0.05. This represents a $0.20 annualized dividend and a dividend yield of 0.49%. Cognex’s dividend payout ratio is 13.79%.
Cognex declared that its board has approved a stock buyback plan on Monday, October 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the scientific and technical instruments company to purchase up to 2.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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Cognex Company Profile
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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