Cognex Corporation (NASDAQ:CGNX) Given Consensus Rating of “Buy” by Analysts
Shares of Cognex Corporation (NASDAQ:CGNX) have earned a consensus recommendation of “Buy” from the fourteen ratings firms that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold recommendation, six have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $83.14.
A number of research firms have commented on CGNX. Cowen and Company increased their target price on Cognex Corporation from $100.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Wolfe Research assumed coverage on Cognex Corporation in a report on Tuesday, July 11th. They issued a “peer perform” rating on the stock. Zacks Investment Research raised Cognex Corporation from a “sell” rating to a “buy” rating and set a $101.00 price target on the stock in a report on Wednesday, May 3rd. Canaccord Genuity reissued a “hold” rating and issued a $80.00 price target (up previously from $65.00) on shares of Cognex Corporation in a report on Wednesday, May 3rd. Finally, BidaskClub downgraded Cognex Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th.
In other Cognex Corporation news, CEO Robert Willett sold 55,919 shares of Cognex Corporation stock in a transaction on Monday, May 15th. The stock was sold at an average price of $91.73, for a total transaction of $5,129,449.87. Following the sale, the chief executive officer now owns 55,919 shares of the company’s stock, valued at approximately $5,129,449.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jerry A. Schneider sold 5,000 shares of Cognex Corporation stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $102.67, for a total value of $513,350.00. Following the sale, the director now directly owns 6,000 shares in the company, valued at approximately $616,020. The disclosure for this sale can be found here. In the last three months, insiders sold 93,419 shares of company stock worth $8,947,725. Company insiders own 5.60% of the company’s stock.
A number of hedge funds have recently made changes to their positions in CGNX. Segantii Capital Management Ltd acquired a new stake in shares of Cognex Corporation during the first quarter valued at $101,000. Daiwa Securities Group Inc. acquired a new stake in shares of Cognex Corporation during the second quarter valued at $102,000. IFP Advisors Inc increased its stake in shares of 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 valued at $110,000 after buying an additional 827 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of 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 valued at $133,000 after buying an additional 650 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in shares of Cognex Corporation during the second quarter valued at $135,000. 87.13% of the stock is currently owned by hedge funds and other institutional investors.
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Cognex Corporation (NASDAQ:CGNX) opened at 99.82 on Friday. Cognex Corporation has a 12-month low of $47.25 and a 12-month high of $110.69. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 45.60 and a beta of 1.43. The stock has a 50 day moving average price of $93.01 and a 200-day moving average price of $85.12.
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, topping 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 for the quarter, compared to the consensus estimate of $169.79 million. During the same quarter last year, the business posted $0.50 EPS. Cognex Corporation’s quarterly revenue was up 17.4% compared to the same quarter last year. Equities analysts forecast that Cognex Corporation will post $2.56 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a $0.085 dividend. This represents a $0.34 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Wednesday, August 16th. Cognex Corporation’s dividend payout ratio (DPR) is 15.60%.
Cognex Corporation announced that its Board of Directors has initiated a stock repurchase program on Monday, May 1st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the scientific and technical instruments company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
Cognex Corporation 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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