Cognex Co. (CGNX) Shares Bought by Wells Fargo & Company MN
Wells Fargo & Company MN raised its holdings in Cognex Co. (NASDAQ:CGNX) by 68.0% during the fourth quarter, HoldingsChannel reports. The firm owned 531,037 shares of the scientific and technical instruments company’s stock after acquiring an additional 214,887 shares during the quarter. Wells Fargo & Company MN’s holdings in Cognex were worth $32,478,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of CGNX. Cerebellum GP LLC acquired a new stake in shares of Cognex in the 4th quarter valued at $126,000. Strs Ohio acquired a new stake in shares of Cognex in the 4th quarter valued at $133,000. Clear Perspective Advisors LLC boosted its holdings in shares of Cognex by 100.0% in the 4th quarter. Clear Perspective Advisors LLC now owns 2,200 shares of the scientific and technical instruments company’s stock valued at $135,000 after purchasing an additional 1,100 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Cognex by 157.1% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 2,597 shares of the scientific and technical instruments company’s stock valued at $159,000 after purchasing an additional 1,587 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Cognex in the 4th quarter valued at $171,000. 81.02% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on CGNX. ValuEngine downgraded Cognex from a “hold” rating to a “sell” rating in a report on Thursday. Zacks Investment Research raised Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, February 13th. BidaskClub downgraded Cognex from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. Deutsche Bank set a $80.00 price objective on Cognex and gave the company a “buy” rating in a report on Friday, January 19th. Finally, JPMorgan Chase & Co. downgraded Cognex from a “neutral” rating to an “underweight” rating and set a $62.50 price objective on the stock. in a report on Wednesday, November 8th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $66.83.
Cognex (NASDAQ:CGNX) last released its quarterly earnings data on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. Cognex had a return on equity of 24.23% and a net margin of 23.69%. The company had revenue of $180.37 million for the quarter, compared to the consensus estimate of $178.75 million. During the same quarter last year, the business posted $0.20 EPS. Cognex’s revenue for the quarter was up 39.5% on a year-over-year basis. equities research analysts anticipate that Cognex Co. will post 1.4 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 16th. Investors of record on Friday, March 2nd will be issued a dividend of $0.045 per share. This represents a $0.18 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Thursday, March 1st. Cognex’s dividend payout ratio (DPR) is 18.37%.
Cognex declared that its Board of Directors has approved a stock buyback program on Thursday, February 15th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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Cognex 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 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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