Cognex Corporation (CGNX) Stake Boosted by Allen Investment Management LLC
Allen Investment Management LLC raised its stake in Cognex Corporation (NASDAQ:CGNX) by 66.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,040 shares of the scientific and technical instruments company’s stock after buying an additional 8,383 shares during the period. Allen Investment Management LLC’s holdings in Cognex Corporation were worth $1,786,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Segantii Capital Management Ltd purchased a new position in Cognex Corporation during the first quarter worth about $101,000. Daiwa Securities Group Inc. purchased a new position in Cognex Corporation during the second quarter worth about $102,000. IFP Advisors Inc increased its position in Cognex Corporation by 172.3% in the first quarter. IFP Advisors Inc now owns 1,307 shares of the scientific and technical instruments company’s stock worth $110,000 after buying an additional 827 shares during the last quarter. Fifth Third Bancorp increased its position in Cognex Corporation by 69.9% in the first quarter. Fifth Third Bancorp now owns 1,580 shares of the scientific and technical instruments company’s stock worth $133,000 after buying an additional 650 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Cognex Corporation during the second quarter worth about $135,000. Institutional investors own 87.30% of the company’s stock.
Shares of Cognex Corporation (CGNX) opened at 105.87 on Wednesday. Cognex Corporation has a 52-week low of $47.25 and a 52-week high of $110.69. The stock has a 50 day moving average price of $97.23 and a 200-day moving average price of $87.88. The firm has a market capitalization of $9.17 billion, a PE ratio of 48.36 and a beta of 1.43.
Cognex Corporation (NASDAQ:CGNX) last posted its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.08. Cognex Corporation had a net margin of 33.10% and a return on equity of 19.51%. The business had revenue of $172.90 million during the quarter, compared to the consensus estimate of $169.79 million. During the same quarter in the previous year, the firm posted $0.50 EPS. The firm’s revenue was up 17.4% on a year-over-year basis. Equities analysts forecast that Cognex Corporation will post $2.56 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Wednesday, August 16th. Cognex Corporation’s dividend payout ratio (DPR) is presently 15.60%.
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A number of research analysts recently issued reports on the company. BidaskClub upgraded Cognex Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Cowen and Company reduced their price target on Cognex Corporation from $100.00 to $90.00 and set an “outperform” rating for the company in a research report on Tuesday, May 2nd. Zacks Investment Research raised Cognex Corporation from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research report on Tuesday, July 4th. Finally, Wolfe Research began coverage on Cognex Corporation in a research report on Tuesday, July 11th. They set a “peer perform” rating for the company. 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 stock. Cognex Corporation presently has an average rating of “Buy” and a consensus target price of $82.75.
In other news, CEO Robert Willett sold 8,241 shares of Cognex Corporation stock in a transaction on Friday, August 25th. The shares were sold at an average price of $103.09, for a total transaction of $849,564.69. Following the transaction, the chief executive officer now owns 8,241 shares in the company, valued at approximately $849,564.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Theodor Krantz sold 9,750 shares of Cognex Corporation stock in a transaction on Monday, August 14th. The stock was sold at an average price of $103.78, for a total transaction of $1,011,855.00. Following the transaction, the director now owns 22,500 shares in the company, valued at approximately $2,335,050. The disclosure for this sale can be found here. In the last ninety days, insiders sold 122,250 shares of company stock valued at $12,661,351. 5.60% of the stock is currently owned by insiders.
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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