Cognex Corp. (CGNX) PT Set at $49.00 by Canaccord Genuity
Cognex Corp. (NASDAQ:CGNX) has been given a $49.00 price target by Canaccord Genuity in a report issued on Tuesday. The firm currently has a a “hold” rating on the stock. Canaccord Genuity’s price objective indicates a potential downside of 5.15% from the company’s previous close.
CGNX has been the subject of a number of other reports. Sanford C. Bernstein initiated coverage on Cognex Corp. in a research report on Monday, June 6th. They set a “market perform” rating and a $40.10 price objective for the company. Needham & Company LLC boosted their price objective on Cognex Corp. from $42.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Zacks Investment Research raised Cognex Corp. from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Tuesday, May 24th. Finally, Credit Agricole SA boosted their price objective on Cognex Corp. from $37.00 to $55.00 and gave the stock an “underperform” rating in a research report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $46.90.
Cognex Corp. (NASDAQ:CGNX) opened at 51.66 on Tuesday. The firm’s 50-day moving average is $49.71 and its 200-day moving average is $43.11. Cognex Corp. has a 52-week low of $28.01 and a 52-week high of $53.45. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 24.90 and a beta of 1.55.
Cognex Corp. (NASDAQ:CGNX) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.50 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.07. Cognex Corp. had a return on equity of 11.44% and a net margin of 40.22%. The business earned $147.27 million during the quarter, compared to the consensus estimate of $138.11 million. During the same period in the previous year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Analysts predict that Cognex Corp. will post $1.39 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, September 2nd were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend was Wednesday, August 31st. Cognex Corp.’s payout ratio is currently 14.49%.
In other news, CFO Richard Morin sold 1,100 shares of the stock in a transaction that occurred on Friday, August 19th. The stock was sold at an average price of $50.35, for a total value of $55,385.00. Following the completion of the sale, the chief financial officer now directly owns 3,098 shares of the company’s stock, valued at $155,984.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Willett sold 125,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $47.93, for a total value of $5,991,250.00. Following the completion of the sale, the chief executive officer now directly owns 25,000 shares of the company’s stock, valued at $1,198,250. The disclosure for this sale can be found here. 6.40% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Northwestern Mutual Investment Management Company LLC increased its stake in Cognex Corp. by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 14,683 shares of the company’s stock valued at $633,000 after buying an additional 38 shares during the last quarter. Commerce Bank increased its stake in Cognex Corp. by 0.4% in the second quarter. Commerce Bank now owns 14,341 shares of the company’s stock valued at $618,000 after buying an additional 55 shares during the last quarter. Creative Planning increased its stake in Cognex Corp. by 1.9% in the second quarter. Creative Planning now owns 3,669 shares of the company’s stock valued at $158,000 after buying an additional 70 shares during the last quarter. Stephens Inc. AR increased its stake in Cognex Corp. by 3.3% in the second quarter. Stephens Inc. AR now owns 2,839 shares of the company’s stock valued at $122,000 after buying an additional 92 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Cognex Corp. by 4.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,740 shares of the company’s stock valued at $118,000 after buying an additional 121 shares during the last quarter. 91.42% of the stock is owned by institutional investors and hedge funds.
Cognex Corp. Company Profile
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 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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