Wright Investors Service Inc. trimmed its holdings in Cognex Corporation (NASDAQ:CGNX) by 47.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,852 shares of the scientific and technical instruments company’s stock after selling 2,568 shares during the period. Wright Investors Service Inc.’s holdings in Cognex Corporation were worth $315,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. acquired a new stake in shares of Cognex Corporation in the second quarter valued at approximately $102,000. Meeder Asset Management Inc. acquired a new stake in shares of Cognex Corporation in the second quarter valued at approximately $135,000. Huntington National Bank raised its position in Cognex Corporation by 67.3% during the third quarter. Huntington National Bank now owns 1,367 shares of the scientific and technical instruments company’s stock valued at $151,000 after purchasing an additional 550 shares in the last quarter. IFP Advisors Inc raised its position in Cognex Corporation by 46.8% during the second quarter. IFP Advisors Inc now owns 1,919 shares of the scientific and technical instruments company’s stock valued at $163,000 after purchasing an additional 612 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its position in Cognex Corporation by 2.4% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,999 shares of the scientific and technical instruments company’s stock valued at $170,000 after purchasing an additional 47 shares in the last quarter. Institutional investors own 86.45% of the company’s stock.
Cognex Corporation (NASDAQ:CGNX) last posted its earnings results on Monday, October 30th. The scientific and technical instruments company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.09. Cognex Corporation had a net margin of 34.77% and a return on equity of 23.31%. The business had revenue of $259.74 million for the quarter, compared to analysts’ expectations of $255.95 million. During the same period in the prior year, the company posted $0.61 EPS. The business’s revenue for the quarter was up 75.6% compared to the same quarter last year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This is a boost from Cognex Corporation’s previous quarterly dividend of $0.09. This represents a $0.36 annualized dividend and a yield of 0.29%. Cognex Corporation’s dividend payout ratio is currently 12.55%.
In other Cognex Corporation news, CEO Robert Willett sold 25,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 25,000 shares in the company, valued at approximately $2,584,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick Alias sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $111.31, for a total transaction of $556,550.00. Following the completion of the sale, the director now owns 5,000 shares in the company, valued at $556,550. The disclosure for this sale can be found here. Insiders sold a total of 121,750 shares of company stock worth $12,729,376 over the last quarter. Corporate insiders own 5.60% of the company’s stock.
Several brokerages have commented on CGNX. Zacks Investment Research upgraded shares of Cognex Corporation from a “hold” rating to a “buy” rating and set a $138.00 price objective for the company in a research report on Wednesday. Cowen and Company restated an “outperform” rating and set a $135.00 price objective (up from $100.00) on shares of Cognex Corporation in a research report on Tuesday, August 8th. Canaccord Genuity boosted their price objective on shares of Cognex Corporation from $95.00 to $120.00 and gave the company a “hold” rating in a research report on Tuesday. Robert W. Baird boosted their price objective on shares of Cognex Corporation from $100.00 to $124.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, BidaskClub upgraded shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 4th. Five equities 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. The stock presently has an average rating of “Buy” and an average price target of $99.50.
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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