Janney Montgomery Scott LLC raised its stake in Cognex Corporation (NASDAQ:CGNX) by 6.0% during the second quarter, Holdings Channel reports. The institutional investor owned 9,559 shares of the scientific and technical instruments company’s stock after buying an additional 541 shares during the period. Janney Montgomery Scott LLC’s holdings in Cognex Corporation were worth $812,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in the company. Segantii Capital Management Ltd acquired a new stake in Cognex Corporation during the first quarter valued at approximately $101,000. IFP Advisors Inc raised its stake in Cognex Corporation by 172.3% in the first quarter. IFP Advisors Inc now owns 1,307 shares of the scientific and technical instruments company’s stock valued at $110,000 after buying an additional 827 shares in the last quarter. Fifth Third Bancorp raised its stake in Cognex Corporation by 69.9% in the first quarter. Fifth Third Bancorp now owns 1,580 shares of the scientific and technical instruments company’s stock valued at $133,000 after buying an additional 650 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Cognex Corporation during the second quarter valued at approximately $135,000. Finally, Bronfman E.L. Rothschild L.P. raised its stake in Cognex Corporation by 737.8% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,952 shares of the scientific and technical instruments company’s stock valued at $164,000 after buying an additional 1,719 shares in the last quarter. Institutional investors and hedge funds own 87.46% of the company’s stock.
Cognex Corporation (NASDAQ:CGNX) opened at 103.91 on Wednesday. Cognex Corporation has a 52 week low of $47.25 and a 52 week high of $110.69. The company has a 50-day moving average of $94.02 and a 200 day moving average of $86.19. The firm has a market cap of $9.00 billion, a P/E ratio of 47.47 and a beta of 1.43.
Cognex Corporation (NASDAQ:CGNX) last released its quarterly earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.08. Cognex Corporation had a return on equity of 19.51% and a net margin of 33.10%. The business had revenue of $172.90 million during the quarter, compared to analyst estimates of $169.79 million. During the same quarter last year, the company posted $0.50 EPS. Cognex Corporation’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities analysts predict that Cognex Corporation will post $2.56 earnings per share for the current year.
Cognex Corporation declared that its board has authorized a share buyback plan on Monday, May 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the scientific and technical instruments company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a $0.085 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.33%. Cognex Corporation’s dividend payout ratio (DPR) is 15.60%.
Several equities research analysts recently commented on CGNX shares. Zacks Investment Research upgraded shares of Cognex Corporation from a “sell” rating to a “buy” rating and set a $101.00 price objective on the stock in a research report on Wednesday, May 3rd. Cowen and Company reiterated a “buy” rating and issued a $100.00 price objective on shares of Cognex Corporation in a research report on Tuesday, July 11th. BidaskClub lowered shares of Cognex Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Canaccord Genuity reiterated a “hold” rating and issued a $80.00 price objective (up from $65.00) on shares of Cognex Corporation in a research report on Wednesday, May 3rd. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $82.75.
In related news, Director Theodor Krantz sold 9,750 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $103.78, for a total value of $1,011,855.00. Following the completion of the transaction, the director now owns 22,500 shares in the company, valued at approximately $2,335,050. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Willett sold 25,000 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $103.37, for a total value of $2,584,250.00. Following the completion of the transaction, the chief executive officer now owns 25,000 shares of the company’s stock, valued at approximately $2,584,250. The disclosure for this sale can be found here. Insiders sold a total of 47,250 shares of company stock valued at $4,830,130 in the last quarter. 5.60% of the stock is currently owned by corporate insiders.
About Cognex Corporation
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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