Capital Research Global Investors Decreases Holdings in Cognex Corporation (CGNX)
Capital Research Global Investors trimmed its holdings in shares of Cognex Corporation (NASDAQ:CGNX) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 581,202 shares of the scientific and technical instruments company’s stock after selling 20,000 shares during the period. Capital Research Global Investors owned approximately 0.67% of Cognex Corporation worth $49,344,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Daiwa Securities Group Inc. acquired a new position in shares of Cognex Corporation in the 2nd quarter valued at $102,000. Fifth Third Bancorp lifted its stake in shares of Cognex Corporation by 69.9% in the 1st quarter. Fifth Third Bancorp now owns 1,580 shares of the scientific and technical instruments company’s stock valued at $133,000 after purchasing an additional 650 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Cognex Corporation in the 2nd quarter valued at $135,000. IFP Advisors Inc lifted its stake in shares of Cognex Corporation by 46.8% in the 2nd 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 during the period. Finally, FNY Partners Fund LP acquired a new position in shares of Cognex Corporation in the 1st quarter valued at $167,000. Institutional investors and hedge funds own 87.25% of the company’s stock.
CGNX has been the subject of several analyst reports. Cowen and Company reiterated an “outperform” rating and issued a $135.00 target price (up from $100.00) on shares of Cognex Corporation in a research note on Tuesday, August 8th. Wolfe Research upgraded shares of Cognex Corporation from a “market perform” rating to an “outperform” rating in a research note on Monday, August 14th. Zacks Investment Research cut shares of Cognex Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Finally, BidaskClub cut shares of Cognex Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 30th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Cognex Corporation has a consensus rating of “Buy” and an average price target of $82.75.
In other Cognex Corporation news, Director Patrick Alias sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $111.31, for a total value of $556,550.00. Following the completion of the sale, the director now owns 5,000 shares of the company’s stock, valued at $556,550. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Bruce Robinson J sold 7,000 shares of the firm’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $106.50, for a total value of $745,500.00. Following the completion of 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 126,750 shares of company stock valued at $13,242,726. 5.60% of the stock is owned by corporate insiders.
Cognex Corporation (NASDAQ CGNX) opened at 116.21 on Friday. The firm has a market capitalization of $10.06 billion, a PE ratio of 53.09 and a beta of 1.42. Cognex Corporation has a 52-week low of $49.68 and a 52-week high of $117.04. The firm’s 50-day moving average is $109.37 and its 200-day moving average is $95.00.
Cognex Corporation (NASDAQ:CGNX) last released its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. Cognex Corporation had a return on equity of 19.51% and a net margin of 33.10%. The company had revenue of $172.90 million during the quarter, compared to the consensus estimate of $169.79 million. During the same quarter last year, the company earned $0.50 earnings per share. Cognex Corporation’s quarterly revenue was up 17.4% compared to the same quarter last year. On average, analysts anticipate that Cognex Corporation will post $2.55 earnings per share for the current year.
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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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