Cognex Co. (NASDAQ:CGNX) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Wednesday, May 3rd. The firm currently has a $101.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.80% from the company’s current price.
According to Zacks, “Cognex Corp. designs, develops, manufactures, and markets machine vision systems that are used to automate a wide range of manufacturing processes where vision is required. Cognex machine vision systems consist of two primary elements: a computer, which serves as a machine vision engine, and software that processes and analyzes images. When connected to a video camera, the machine vision system captures images and extracts information, which determines appropriate action for other equipment in the manufacturing process. “
Several other brokerages have also commented on CGNX. Canaccord Genuity reiterated a “hold” rating and set a $80.00 price objective (up previously from $65.00) on shares of Cognex in a report on Wednesday, May 3rd. Cowen and Company reduced their target price on Cognex from $100.00 to $90.00 and set an “outperform” rating for the company in a research note on Tuesday, May 2nd. Goldman Sachs Group Inc initiated coverage on Cognex in a research note on Monday, April 3rd. They issued a “buy” rating for the company. Summit Redstone restated a “buy” rating on shares of Cognex in a research note on Thursday, March 30th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognex in a research note on Tuesday, March 21st. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $69.51.
Shares of Cognex (NASDAQ:CGNX) traded up 2.269% during trading on Wednesday, reaching $91.643. The company’s stock had a trading volume of 428,210 shares. The stock’s 50 day moving average price is $85.92 and its 200-day moving average price is $72.01. The stock has a market cap of $7.94 billion, a price-to-earnings ratio of 44.595 and a beta of 1.33. Cognex has a 52-week low of $38.71 and a 52-week high of $93.14.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 16th. Investors of record on Friday, June 2nd will be issued a $0.085 dividend. This represents a $0.34 annualized dividend and a yield of 0.38%. This is a boost from Cognex’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, May 31st. Cognex’s payout ratio is presently 20.13%.
In other Cognex news, Director Patrick Alias sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $77.85, for a total value of $389,250.00. Following the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $389,250. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Willett sold 55,919 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 55,919 shares in the company, valued at $5,129,449.87. The disclosure for this sale can be found here. Over the last quarter, insiders sold 205,000 shares of company stock worth $17,398,718. 6.40% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in CGNX. Commerce Bank raised its stake in Cognex by 0.4% in the first quarter. Commerce Bank now owns 11,621 shares of the scientific and technical instruments company’s stock valued at $975,000 after buying an additional 45 shares during the last quarter. Sawtooth Solutions LLC raised its stake in Cognex by 1.4% in the first quarter. Sawtooth Solutions LLC now owns 3,958 shares of the scientific and technical instruments company’s stock valued at $332,000 after buying an additional 54 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in Cognex by 0.4% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 14,830 shares of the scientific and technical instruments company’s stock valued at $1,245,000 after buying an additional 66 shares during the last quarter. Flinton Capital Management LLC raised its stake in Cognex by 3.4% in the first quarter. Flinton Capital Management LLC now owns 2,400 shares of the scientific and technical instruments company’s stock valued at $201,000 after buying an additional 80 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Cognex by 0.7% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,683 shares of the scientific and technical instruments company’s stock valued at $807,000 after buying an additional 94 shares during the last quarter. 90.00% of the stock is currently owned by hedge funds and other institutional investors.
Cognex 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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