BidaskClub upgraded shares of Cognex (NASDAQ:CGNX) from a sell rating to a hold rating in a research note published on Wednesday morning.

A number of other equities research analysts have also recently weighed in on the stock. Berenberg Bank began coverage on shares of Cognex in a research report on Monday, November 19th. They issued a buy rating and a $54.00 price target for the company. Daiwa Capital Markets set a $49.00 price target on shares of Cognex and gave the company a buy rating in a research report on Thursday, November 1st. Zacks Investment Research raised shares of Cognex from a sell rating to a hold rating in a research report on Tuesday, October 30th. Morgan Stanley reduced their price target on shares of Cognex from $52.00 to $40.00 and set an equal weight rating for the company in a research report on Tuesday, October 30th. Finally, Needham & Company LLC reduced their price target on shares of Cognex from $52.00 to $45.00 and set a buy rating for the company in a research report on Tuesday, October 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $51.76.

Shares of CGNX opened at $41.40 on Wednesday. Cognex has a 1-year low of $36.16 and a 1-year high of $70.00. The firm has a market capitalization of $7.56 billion, a P/E ratio of 34.31, a P/E/G ratio of 2.44 and a beta of 1.90.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. Cognex had a net margin of 18.52% and a return on equity of 20.88%. The firm had revenue of $232.22 million during the quarter, compared to analysts’ expectations of $227.15 million. During the same period in the previous year, the company earned $1.14 earnings per share. Cognex’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts predict that Cognex will post 1.2 EPS for the current year.

Cognex announced that its Board of Directors has approved a share repurchase plan on Monday, October 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the scientific and technical instruments company to repurchase up to 2.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 30th. Stockholders of record on Friday, November 16th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.48%. This is a boost from Cognex’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Thursday, November 15th. Cognex’s dividend payout ratio is presently 13.79%.

In other news, Director Anthony Sun sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 13th. The shares were sold at an average price of $56.04, for a total value of $560,400.00. Following the completion of the sale, the director now directly owns 264,262 shares of the company’s stock, valued at $14,809,242.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jerry A. Schneider sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $54.29, for a total transaction of $271,450.00. Following the completion of the sale, the director now directly owns 7,000 shares of the company’s stock, valued at $380,030. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in CGNX. Bank of Montreal Can purchased a new stake in shares of Cognex in the second quarter valued at about $1,370,000. BNP Paribas Arbitrage SA raised its holdings in shares of Cognex by 64.3% in the second quarter. BNP Paribas Arbitrage SA now owns 52,828 shares of the scientific and technical instruments company’s stock valued at $2,357,000 after buying an additional 20,668 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Cognex by 150.4% in the second quarter. Daiwa Securities Group Inc. now owns 13,897 shares of the scientific and technical instruments company’s stock valued at $620,000 after buying an additional 8,347 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its holdings in shares of Cognex by 23.5% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 14,061 shares of the scientific and technical instruments company’s stock valued at $627,000 after buying an additional 2,672 shares during the last quarter. Finally, Alps Advisors Inc. raised its holdings in shares of Cognex by 21.3% in the second quarter. Alps Advisors Inc. now owns 13,328 shares of the scientific and technical instruments company’s stock valued at $815,000 after buying an additional 2,344 shares during the last quarter. 91.02% of the stock is owned by institutional investors and hedge funds.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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