Nan Shan Life Insurance Co. Ltd. reduced its position in Cognex Co. (NASDAQ:CGNX) by 18.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 375,000 shares of the scientific and technical instruments company’s stock after selling 83,200 shares during the quarter. Nan Shan Life Insurance Co. Ltd.’s holdings in Cognex were worth $20,933,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in CGNX. Xact Kapitalforvaltning AB increased its position in Cognex by 12.8% in the second quarter. Xact Kapitalforvaltning AB now owns 34,334 shares of the scientific and technical instruments company’s stock worth $1,532,000 after buying an additional 3,900 shares during the last quarter. Bank of Montreal Can purchased a new stake in Cognex in the second quarter worth $1,370,000. Nisa Investment Advisors LLC purchased a new stake in Cognex in the second quarter worth $977,000. BNP Paribas Arbitrage SA increased its position in Cognex by 64.3% in the second quarter. BNP Paribas Arbitrage SA now owns 52,828 shares of the scientific and technical instruments company’s stock worth $2,357,000 after buying an additional 20,668 shares during the last quarter. Finally, Advisor Partners LLC increased its position in Cognex by 26.6% in the second quarter. Advisor Partners LLC now owns 5,418 shares of the scientific and technical instruments company’s stock worth $242,000 after buying an additional 1,140 shares during the last quarter. 90.47% of the stock is owned by institutional investors and hedge funds.
In related news, Director Anthony Sun sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $56.04, for a total transaction of $560,400.00. Following the completion of the transaction, the director now directly owns 264,262 shares in the company, valued at $14,809,242.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jerry A. Schneider sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $54.29, for a total value of $271,450.00. Following the transaction, the director now owns 7,000 shares of the company’s stock, valued at $380,030. The disclosure for this sale can be found here. 5.40% of the stock is owned by insiders.
Cognex (NASDAQ:CGNX) last announced its quarterly earnings results 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 company had revenue of $232.22 million during the quarter, compared to analysts’ expectations of $227.15 million. Cognex had a return on equity of 20.88% and a net margin of 18.52%. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.14 earnings per share. As a group, analysts anticipate that Cognex Co. will post 1.2 EPS for the current year.
Cognex declared that its board has approved a stock buyback program on Monday, October 29th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the scientific and technical instruments company to purchase up to 2.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.49%. This is a boost from Cognex’s previous quarterly dividend of $0.05. The ex-dividend date is Thursday, November 15th. Cognex’s payout ratio is presently 13.79%.
CGNX has been the subject of a number of recent research reports. BidaskClub downgraded Cognex from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 27th. Morgan Stanley set a $52.00 price target on Cognex and gave the company a “hold” rating in a research report on Thursday, October 11th. Zacks Investment Research upgraded Cognex from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Daiwa Capital Markets set a $49.00 price target on Cognex and gave the company a “buy” rating in a research report on Thursday, November 1st. Finally, ValuEngine upgraded Cognex from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 31st. Three equities 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. The stock has an average rating of “Hold” and a consensus price target of $51.76.
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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