Prudential Financial Inc. Raises Stake in Cognex Corporation (CGNX)
Prudential Financial Inc. boosted its position in Cognex Corporation (NASDAQ:CGNX) by 24.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 427,606 shares of the scientific and technical instruments company’s stock after buying an additional 84,976 shares during the period. Prudential Financial Inc. owned approximately 0.49% of Cognex Corporation worth $36,303,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. increased its position in Cognex Corporation by 16,264.7% in the first quarter. BlackRock Inc. now owns 6,656,024 shares of the scientific and technical instruments company’s stock worth $558,773,000 after buying an additional 6,615,351 shares during the period. Ameriprise Financial Inc. increased its position in Cognex Corporation by 171.3% in the first quarter. Ameriprise Financial Inc. now owns 1,033,265 shares of the scientific and technical instruments company’s stock worth $86,741,000 after buying an additional 652,404 shares during the period. Goldman Sachs Group Inc. increased its position in Cognex Corporation by 86.7% in the first quarter. Goldman Sachs Group Inc. now owns 888,783 shares of the scientific and technical instruments company’s stock worth $74,613,000 after buying an additional 412,652 shares during the period. American Century Companies Inc. purchased a new position in Cognex Corporation during the second quarter worth about $31,281,000. Finally, Vanguard Group Inc. increased its position in Cognex Corporation by 5.0% in the first quarter. Vanguard Group Inc. now owns 6,574,861 shares of the scientific and technical instruments company’s stock worth $551,959,000 after buying an additional 311,769 shares during the period. Institutional investors and hedge funds own 87.30% of the company’s stock.
Shares of Cognex Corporation (CGNX) opened at 108.97 on Friday. The company has a market capitalization of $9.43 billion, a P/E ratio of 49.78 and a beta of 1.43. The company has a 50-day moving average price of $99.21 and a 200 day moving average price of $88.95. Cognex Corporation has a 12-month low of $47.25 and a 12-month high of $110.69.
Cognex Corporation (NASDAQ:CGNX) last announced its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 analyst estimates of $169.79 million. During the same period in the prior year, the company posted $0.50 EPS. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. On average, equities analysts anticipate that Cognex Corporation will post $2.56 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $0.085 per share. This represents a $0.34 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Wednesday, August 16th. Cognex Corporation’s dividend payout ratio is currently 15.60%.
Several equities analysts have recently weighed in on CGNX shares. Cowen and Company restated a “buy” rating and set a $100.00 price target on shares of Cognex Corporation in a report on Tuesday, July 11th. BidaskClub downgraded Cognex Corporation from a “strong-buy” rating to a “buy” rating in a report on Friday, June 30th. Wolfe Research upgraded Cognex Corporation from a “market perform” rating to an “outperform” rating in a report on Monday, August 14th. Finally, Zacks Investment Research downgraded Cognex Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 17th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $82.75.
In related news, Director Jerry A. Schneider sold 5,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $102.67, for a total transaction of $513,350.00. Following the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $616,020. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Theodor Krantz sold 7,500 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $96.09, for a total value of $720,675.00. Following the transaction, the director now directly owns 26,250 shares in the company, valued at $2,522,362.50. The disclosure for this sale can be found here. Insiders have sold a total of 122,250 shares of company stock worth $12,661,351 over the last ninety days. 5.60% of the stock is currently owned by corporate insiders.
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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