Brokers Offer Predictions for Cognex Corporation’s FY2018 Earnings (CGNX)
Cognex Corporation (NASDAQ:CGNX) – Investment analysts at Northcoast Research increased their FY2018 earnings per share estimates for Cognex Corporation in a report issued on Wednesday. Northcoast Research analyst T. Hayes now forecasts that the scientific and technical instruments company will earn $2.84 per share for the year, up from their previous estimate of $2.46. Northcoast Research also issued estimates for Cognex Corporation’s Q4 2018 earnings at $0.74 EPS.
Several other analysts also recently issued reports on CGNX. Cowen and Company restated a “buy” rating and set a $100.00 price objective on shares of Cognex Corporation in a report on Tuesday, July 11th. Wolfe Research started coverage on Cognex Corporation in a report on Tuesday, July 11th. They set a “peer perform” rating on the stock. Zacks Investment Research downgraded Cognex Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 17th. BidaskClub upgraded Cognex Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Finally, Robert W. Baird boosted their price objective on Cognex Corporation from $100.00 to $124.00 and gave the stock a “neutral” rating in a report on Tuesday, October 31st. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $99.50.
Shares of Cognex Corporation (NASDAQ:CGNX) traded up $0.86 during midday trading on Monday, reaching $133.74. 403,958 shares of the company’s stock were exchanged, compared to its average volume of 874,354. Cognex Corporation has a 52 week low of $49.91 and a 52 week high of $134.70. The firm has a market cap of $11,505.63, a P/E ratio of 49.03 and a beta of 1.48.
Cognex Corporation’s stock is going to split on the morning of Monday, December 4th. The 2-1 split was announced on Monday, October 30th. The newly minted shares will be payable to shareholders after the closing bell on Friday, December 1st.
Cognex Corporation (NASDAQ:CGNX) last issued its quarterly earnings results on Monday, October 30th. The scientific and technical instruments company reported $1.14 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $259.74 million during the quarter, compared to the consensus estimate of $255.95 million. During the same period in the prior year, the company earned $0.61 EPS. Cognex Corporation’s revenue was up 75.6% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be paid a $0.09 dividend. This is a boost from Cognex Corporation’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, November 16th. This represents a $0.36 annualized dividend and a dividend yield of 0.27%. Cognex Corporation’s payout ratio is presently 12.55%.
In other Cognex Corporation news, CEO Robert Willett sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $103.37, for a total transaction of $2,584,250.00. Following the completion of the sale, the chief executive officer now owns 25,000 shares of the company’s stock, valued at $2,584,250. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce Robinson J sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $106.50, for a total value of $745,500.00. Following the sale, the director now directly owns 5,625 shares of the company’s stock, valued at approximately $599,062.50. The disclosure for this sale can be found here. In the last three months, insiders sold 229,250 shares of company stock valued at $26,380,101. 5.60% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in CGNX. Daiwa Securities Group Inc. bought a new stake in Cognex Corporation during the second quarter worth approximately $102,000. Meeder Asset Management Inc. bought a new stake in Cognex Corporation during the second quarter worth approximately $135,000. Huntington National Bank boosted 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 worth $151,000 after purchasing an additional 550 shares during the period. IFP Advisors Inc boosted 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 worth $163,000 after purchasing an additional 612 shares during the period. Finally, Bronfman E.L. Rothschild L.P. boosted 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 worth $170,000 after purchasing an additional 47 shares during the period. 86.17% of the stock is owned by hedge funds and other institutional investors.
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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