Westpac Banking Corp Acquires 9,400 Shares of Cognex Corp. (CGNX)
Westpac Banking Corp raised its position in shares of Cognex Corp. (NASDAQ:CGNX) by 9.2% during the second quarter, Holdings Channel reports. The firm owned 111,790 shares of the company’s stock after buying an additional 9,400 shares during the period. Westpac Banking Corp owned about 0.13% of Cognex Corp. worth $4,818,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Cognex Corp. by 2.7% in the second quarter. Vanguard Group Inc. now owns 5,934,981 shares of the company’s stock worth $255,797,000 after buying an additional 154,645 shares during the last quarter. Royce & Associates LP raised its position in Cognex Corp. by 0.8% in the second quarter. Royce & Associates LP now owns 2,669,509 shares of the company’s stock worth $115,056,000 after buying an additional 21,100 shares during the last quarter. State Street Corp raised its position in Cognex Corp. by 0.5% in the first quarter. State Street Corp now owns 2,150,547 shares of the company’s stock worth $83,765,000 after buying an additional 9,905 shares during the last quarter. GW&K Investment Management LLC raised its position in Cognex Corp. by 2.0% in the second quarter. GW&K Investment Management LLC now owns 1,285,671 shares of the company’s stock worth $55,412,000 after buying an additional 25,803 shares during the last quarter. Finally, Hermes Investment Management Ltd. raised its position in Cognex Corp. by 16.8% in the second quarter. Hermes Investment Management Ltd. now owns 1,234,645 shares of the company’s stock worth $53,213,000 after buying an additional 177,816 shares during the last quarter. 91.42% of the stock is currently owned by hedge funds and other institutional investors.
Cognex Corp. (NASDAQ:CGNX) opened at 51.81 on Thursday. The stock has a 50 day moving average of $49.71 and a 200 day moving average of $43.11. Cognex Corp. has a 1-year low of $28.01 and a 1-year high of $53.45. The stock has a market cap of $4.41 billion, a P/E ratio of 24.97 and a beta of 1.55.
Cognex Corp. (NASDAQ:CGNX) last released its earnings results on Monday, August 1st. The company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.07. The firm had revenue of $147.27 million for the quarter, compared to the consensus estimate of $138.11 million. Cognex Corp. had a net margin of 40.22% and a return on equity of 11.44%. The company’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 EPS. Equities analysts anticipate that Cognex Corp. will post $1.39 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Friday, September 2nd were given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend was Wednesday, August 31st. Cognex Corp.’s dividend payout ratio (DPR) is 14.49%.
A number of research analysts recently weighed in on the stock. Canaccord Genuity raised their price target on shares of Cognex Corp. from $45.00 to $49.00 and gave the company a “hold” rating in a research report on Tuesday, August 2nd. Credit Agricole SA raised their price target on shares of Cognex Corp. from $37.00 to $55.00 and gave the company an “underperform” rating in a research report on Tuesday, August 2nd. Needham & Company LLC lifted their price objective on shares of Cognex Corp. from $42.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, August 2nd. Finally, Sanford C. Bernstein assumed coverage on shares of Cognex Corp. in a research report on Monday, June 6th. They issued a “market perform” rating and a $40.10 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $46.90.
In related news, CEO Robert Willett sold 125,000 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $47.93, for a total transaction of $5,991,250.00. Following the sale, the chief executive officer now directly owns 25,000 shares of the company’s stock, valued at approximately $1,198,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Richard Morin sold 1,100 shares of the stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $50.35, for a total transaction of $55,385.00. Following the sale, the chief financial officer now directly owns 3,098 shares in the company, valued at $155,984.30. The disclosure for this sale can be found here. Corporate insiders own 6.40% of the company’s stock.
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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