Cognex Co. (NASDAQ:CGNX) Short Interest Update

Cognex Co. (NASDAQ:CGNXGet Free Report) was the target of a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 5,390,000 shares, a growth of 16.4% from the April 30th total of 4,630,000 shares. Based on an average daily trading volume, of 1,120,000 shares, the days-to-cover ratio is presently 4.8 days. Approximately 3.2% of the company’s stock are short sold.

Cognex Trading Up 0.1 %

Shares of CGNX traded up $0.05 during trading hours on Friday, reaching $45.52. 1,469,227 shares of the company’s stock traded hands, compared to its average volume of 1,046,740. The stock has a market cap of $7.81 billion, a PE ratio of 78.48 and a beta of 1.48. The firm’s 50 day simple moving average is $43.28 and its 200-day simple moving average is $40.44. Cognex has a 12 month low of $34.28 and a 12 month high of $59.51.

Cognex (NASDAQ:CGNXGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The scientific and technical instruments company reported $0.05 earnings per share (EPS) for the quarter. The firm had revenue of $210.80 million during the quarter, compared to the consensus estimate of $198.14 million. Cognex had a return on equity of 6.81% and a net margin of 11.76%. As a group, analysts expect that Cognex will post 0.44 earnings per share for the current fiscal year.

Cognex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Thursday, May 16th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.66%. Cognex’s payout ratio is 51.72%.

Insider Activity at Cognex

In related news, EVP Carl Gerst sold 6,782 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $40.54, for a total value of $274,942.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by insiders.

Institutional Trading of Cognex

A number of hedge funds have recently bought and sold shares of CGNX. Price T Rowe Associates Inc. MD lifted its position in Cognex by 986.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,619,007 shares of the scientific and technical instruments company’s stock worth $68,679,000 after buying an additional 1,469,961 shares during the last quarter. Norges Bank purchased a new position in Cognex in the 4th quarter worth approximately $58,641,000. Swedbank AB purchased a new position in Cognex in the 1st quarter worth approximately $58,502,000. Nordea Investment Management AB increased its stake in Cognex by 156.5% in the 4th quarter. Nordea Investment Management AB now owns 2,065,693 shares of the scientific and technical instruments company’s stock worth $86,862,000 after purchasing an additional 1,260,282 shares during the period. Finally, William Blair Investment Management LLC increased its stake in Cognex by 41.4% in the 1st quarter. William Blair Investment Management LLC now owns 3,716,623 shares of the scientific and technical instruments company’s stock worth $157,659,000 after purchasing an additional 1,088,095 shares during the period. Institutional investors own 88.12% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Stephens raised their target price on Cognex from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Sanford C. Bernstein raised their target price on Cognex from $52.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, May 3rd. Truist Financial reaffirmed a “buy” rating and set a $50.00 target price (up from $47.00) on shares of Cognex in a research report on Tuesday, May 7th. Robert W. Baird lifted their price objective on Cognex from $40.00 to $44.00 and gave the stock a “neutral” rating in a report on Friday, May 3rd. Finally, StockNews.com lowered Cognex from a “hold” rating to a “sell” rating in a report on Monday, February 19th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $49.15.

Read Our Latest Analysis on CGNX

About Cognex

(Get Free Report)

Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

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