Bank of New York Mellon Corp Sells 1,191,743 Shares of Cognex Co. (NASDAQ:CGNX)

Bank of New York Mellon Corp lessened its position in shares of Cognex Co. (NASDAQ:CGNX) by 9.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,032,021 shares of the scientific and technical instruments company’s stock after selling 1,191,743 shares during the period. Bank of New York Mellon Corp owned approximately 0.06% of Cognex worth $927,242,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Amundi Pioneer Asset Management Inc. boosted its stake in shares of Cognex by 5.9% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 65,186 shares of the scientific and technical instruments company’s stock valued at $3,315,000 after buying an additional 3,657 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of Cognex by 4.2% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 36,038 shares of the scientific and technical instruments company’s stock valued at $2,991,000 after buying an additional 1,436 shares during the period. Arizona State Retirement System boosted its stake in shares of Cognex by 1.5% in the first quarter. Arizona State Retirement System now owns 50,351 shares of the scientific and technical instruments company’s stock valued at $4,179,000 after buying an additional 729 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Cognex by 3.0% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,007 shares of the scientific and technical instruments company’s stock valued at $1,245,000 after buying an additional 439 shares during the period. Finally, Keybank National Association OH boosted its stake in shares of Cognex by 18.6% in the first quarter. Keybank National Association OH now owns 5,170 shares of the scientific and technical instruments company’s stock valued at $429,000 after buying an additional 812 shares during the period. Institutional investors own 88.25% of the company’s stock.

Shares of NASDAQ:CGNX traded up $1.61 during trading on Wednesday, hitting $86.69. 3,226 shares of the company were exchanged, compared to its average volume of 725,800. The business’s 50 day moving average is $86.47 and its 200-day moving average is $83.04. The company has a market capitalization of $15.32 billion, a P/E ratio of 50.05 and a beta of 1.65. Cognex Co. has a 1-year low of $59.86 and a 1-year high of $101.82.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings results on Thursday, August 5th. The scientific and technical instruments company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The company had revenue of $269.16 million during the quarter, compared to the consensus estimate of $263.11 million. Cognex had a net margin of 30.96% and a return on equity of 21.92%. On average, equities research analysts expect that Cognex Co. will post 1.39 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 3rd. Stockholders of record on Friday, August 20th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 0.28%. Cognex’s dividend payout ratio (DPR) is presently 24.00%.

Several equities research analysts have weighed in on CGNX shares. HSBC cut Cognex from a “buy” rating to a “hold” rating and set a $92.00 target price for the company. in a research note on Friday, August 6th. Zacks Investment Research upgraded Cognex from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research note on Wednesday, August 11th. Needham & Company LLC restated a “hold” rating on shares of Cognex in a research note on Friday, August 6th. Finally, DA Davidson restated a “neutral” rating on shares of Cognex in a research note on Tuesday, August 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $90.29.

In related news, Director Anthony Sun sold 30,000 shares of the stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $86.41, for a total value of $2,592,300.00. Following the completion of the sale, the director now directly owns 337,262 shares in the company, valued at $29,142,809.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Patrick Alias sold 17,500 shares of the company’s stock in a transaction on Tuesday, August 24th. The shares were sold at an average price of $87.19, for a total transaction of $1,525,825.00. The disclosure for this sale can be found here. 3.90% of the stock is currently owned by corporate insiders.

Cognex Company Profile

Cognex Corp. engages in the provision of machine vision products that capture and analyze visual information in order to automate tasks in processes, where vision is required. The company was founded by Robert J. Shillman, William Silver and Marilyn Matz in 1981 and is headquartered in Natick, MA.

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Institutional Ownership by Quarter for Cognex (NASDAQ:CGNX)

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