Swiss National Bank cut its position in shares of Cognex Co. (NASDAQ:CGNX) by 3.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 552,100 shares of the scientific and technical instruments company’s stock after selling 20,800 shares during the quarter. Swiss National Bank’s holdings in Cognex were worth $30,818,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in CGNX. Capital Analysts LLC increased its stake in Cognex by 1,180.6% during the second quarter. Capital Analysts LLC now owns 2,305 shares of the scientific and technical instruments company’s stock worth $103,000 after acquiring an additional 2,125 shares during the last quarter. CAPROCK Group Inc. acquired a new stake in Cognex during the third quarter worth about $221,000. Chatham Capital Group Inc. acquired a new stake in Cognex during the third quarter worth about $232,000. Advisor Partners LLC increased its stake in Cognex by 26.6% during the second quarter. Advisor Partners LLC now owns 5,418 shares of the scientific and technical instruments company’s stock worth $242,000 after acquiring an additional 1,140 shares during the last quarter. Finally, HMS Capital Management LLC acquired a new stake in Cognex during the third quarter worth about $242,000. Institutional investors own 90.47% of the company’s stock.
Shares of CGNX opened at $40.85 on Monday. The stock has a market capitalization of $7.03 billion, a P/E ratio of 28.17, a price-to-earnings-growth ratio of 2.27 and a beta of 1.90. Cognex Co. has a one year low of $36.16 and a one year high of $72.71.
Cognex (NASDAQ:CGNX) last issued its quarterly earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. The firm had revenue of $232.22 million during the quarter, compared to the consensus estimate of $227.15 million. Cognex had a return on equity of 20.88% and a net margin of 18.52%. Cognex’s revenue for the quarter was down 12.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 earnings per share. As a group, equities analysts forecast that Cognex Co. will post 1.2 EPS for the current fiscal year.
Cognex declared that its board has approved a share repurchase program on Monday, October 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the scientific and technical instruments company to buy up to 2.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Friday, November 16th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.20 dividend on an annualized basis and a yield of 0.49%. This is an increase from Cognex’s previous quarterly dividend of $0.05. Cognex’s dividend payout ratio is currently 13.79%.
In other Cognex news, Director Anthony Sun sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $56.04, for a total transaction of $560,400.00. Following the transaction, the director now owns 264,262 shares of the company’s stock, valued at approximately $14,809,242.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jerry A. Schneider sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 11th. The stock was sold at an average price of $54.29, for a total value of $271,450.00. Following the transaction, the director now directly owns 7,000 shares in the company, valued at approximately $380,030. The disclosure for this sale can be found here. Corporate insiders own 5.40% of the company’s stock.
Several equities research analysts have commented on CGNX shares. Robert W. Baird restated a “hold” rating and set a $48.00 price target on shares of Cognex in a research note on Tuesday, July 31st. Northcoast Research set a $56.00 price target on Cognex and gave the stock a “buy” rating in a research note on Tuesday, July 31st. ValuEngine upgraded Cognex from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 31st. Sanford C. Bernstein upgraded Cognex from a “market perform” rating to an “outperform” rating and set a $40.10 price target for the company in a research note on Wednesday, August 1st. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded Cognex from a “sell” rating to a “hold” rating and set a $57.00 price target for the company in a research note on Wednesday, August 1st. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $51.76.
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Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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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