Insider Selling: Cognex Corporation (CGNX) Director Sells $2,010,750.00 in Stock
Cognex Corporation (NASDAQ:CGNX) Director Theodor Krantz sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $134.05, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now owns 26,250 shares of the company’s stock, valued at $3,518,812.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.
Cognex Corporation (CGNX) opened at $137.57 on Thursday. The stock has a market cap of $11,925.57, a price-to-earnings ratio of 50.82 and a beta of 1.48. Cognex Corporation has a 12 month low of $57.42 and a 12 month high of $140.94.
Shares of Cognex Corporation are scheduled to split on Monday, December 4th. The 2-1 split was announced on Monday, October 30th. The newly minted shares will be payable to shareholders after the closing bell on Friday, December 1st.
Cognex Corporation (NASDAQ:CGNX) last issued its earnings results on Monday, October 30th. The scientific and technical instruments company reported $1.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.09. The business had revenue of $259.74 million for the quarter, compared to analyst estimates of $255.95 million. Cognex Corporation had a net margin of 34.77% and a return on equity of 23.31%. Cognex Corporation’s revenue was up 75.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.61 earnings per share. equities analysts anticipate that Cognex Corporation will post 2.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be paid a dividend of $0.09 per share. The ex-dividend date is Thursday, November 16th. This is a positive change from Cognex Corporation’s previous quarterly dividend of $0.09. This represents a $0.36 annualized dividend and a yield of 0.26%. Cognex Corporation’s dividend payout ratio is currently 12.55%.
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A number of research firms have recently commented on CGNX. Cowen and Company reaffirmed an “outperform” rating and issued a $135.00 price objective (up from $100.00) on shares of Cognex Corporation in a research note on Tuesday, August 8th. J P Morgan Chase & Co lowered shares of Cognex Corporation from a “neutral” rating to an “underweight” rating and set a $125.00 price objective on the stock. in a research note on Wednesday, November 8th. BidaskClub raised shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 4th. Robert W. Baird upped their price objective on shares of Cognex Corporation from $100.00 to $124.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Finally, Zacks Investment Research raised shares of Cognex Corporation from a “hold” rating to a “buy” rating and set a $138.00 price objective on the stock in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $106.88.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Daiwa Securities Group Inc. bought a new position in Cognex Corporation during the second quarter worth $102,000. Huntington National Bank boosted its stake in Cognex Corporation by 67.3% during the third quarter. Huntington National Bank now owns 1,367 shares of the scientific and technical instruments company’s stock worth $151,000 after acquiring an additional 550 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Cognex Corporation during the second quarter worth $135,000. Private Advisor Group LLC bought a new position in Cognex Corporation during the third quarter worth $214,000. Finally, Coldstream Capital Management Inc. bought a new position in Cognex Corporation during the third quarter worth $203,000. 85.51% of the stock is currently owned by institutional investors and hedge funds.
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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