OppenheimerFunds Inc. boosted its stake in Cognex Co. (NASDAQ:CGNX) by 63.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,914,913 shares of the scientific and technical instruments company’s stock after buying an additional 1,128,402 shares during the quarter. OppenheimerFunds Inc. owned approximately 1.68% of Cognex worth $178,276,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in CGNX. Royal Bank of Canada boosted its stake in Cognex by 34.6% in the 2nd quarter. Royal Bank of Canada now owns 40,829 shares of the scientific and technical instruments company’s stock valued at $3,466,000 after buying an additional 10,496 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Cognex by 206.1% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 13,032 shares of the scientific and technical instruments company’s stock valued at $1,106,000 after buying an additional 8,775 shares in the last quarter. Oakbrook Investments LLC boosted its stake in Cognex by 27.8% in the 3rd quarter. Oakbrook Investments LLC now owns 7,350 shares of the scientific and technical instruments company’s stock valued at $811,000 after buying an additional 1,600 shares in the last quarter. LS Investment Advisors LLC boosted its stake in Cognex by 5.1% in the 3rd quarter. LS Investment Advisors LLC now owns 8,996 shares of the scientific and technical instruments company’s stock valued at $992,000 after buying an additional 439 shares in the last quarter. Finally, APG Asset Management N.V. acquired a new stake in Cognex in the 3rd quarter valued at $5,569,000. 81.97% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently commented on CGNX shares. BidaskClub lowered Cognex from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. ValuEngine lowered Cognex from a “hold” rating to a “sell” rating in a research note on Thursday, December 7th. Zacks Investment Research lowered Cognex from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, January 2nd. Finally, Deutsche Bank set a $80.00 price objective on Cognex and gave the stock a “buy” rating in a research note on Friday, January 19th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $66.83.
Cognex Co. (CGNX) opened at $55.30 on Friday. The company has a market capitalization of $9,450.00, a price-to-earnings ratio of 56.43 and a beta of 1.54. Cognex Co. has a one year low of $38.67 and a one year high of $72.99.
Cognex (NASDAQ:CGNX) last released its earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. The company had revenue of $180.37 million during the quarter, compared to the consensus estimate of $178.75 million. Cognex had a return on equity of 24.23% and a net margin of 23.69%. The firm’s quarterly revenue was up 39.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 earnings per share. equities research analysts anticipate that Cognex Co. will post 1.4 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 16th. Stockholders of record on Friday, March 2nd were given a dividend of $0.045 per share. The ex-dividend date of this dividend was Thursday, March 1st. This represents a $0.18 dividend on an annualized basis and a dividend yield of 0.33%. Cognex’s payout ratio is currently 18.37%.
Cognex announced that its board has authorized a share repurchase program on Thursday, February 15th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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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