Cognex Corporation (CGNX) Sees Large Drop in Short Interest

Cognex Corporation (NASDAQ:CGNX) was the target of a significant decrease in short interest in the month of August. As of August 15th, there was short interest totalling 2,080,777 shares, a decrease of 23.8% from the July 31st total of 2,732,335 shares. Currently, 2.5% of the company’s stock are sold short. Based on an average trading volume of 1,405,094 shares, the days-to-cover ratio is currently 1.5 days.

Cognex Corporation (NASDAQ CGNX) traded up 0.60% on Friday, reaching $111.95. 728,619 shares of the company traded hands. The company has a market capitalization of $9.69 billion, a P/E ratio of 51.14 and a beta of 1.40. The company has a 50-day moving average price of $104.48 and a 200-day moving average price of $91.46. Cognex Corporation has a 12 month low of $49.68 and a 12 month high of $112.18.

Cognex Corporation (NASDAQ:CGNX) last posted its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. The firm had revenue of $172.90 million during the quarter, compared to analyst estimates of $169.79 million. Cognex Corporation had a net margin of 33.10% and a return on equity of 19.51%. Cognex Corporation’s revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 EPS. Equities research analysts expect that Cognex Corporation will post $2.56 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were paid a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend was Wednesday, August 16th. Cognex Corporation’s dividend payout ratio is currently 15.60%.

Several brokerages have recently weighed in on CGNX. Cowen and Company reiterated an “outperform” rating and set a $135.00 target price (up previously from $100.00) on shares of Cognex Corporation in a research note on Tuesday, August 8th. BidaskClub upgraded shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 4th. Wolfe Research began coverage on shares of Cognex Corporation in a research note on Tuesday, July 11th. They set a “peer perform” rating for the company. Finally, Zacks Investment Research upgraded shares of Cognex Corporation from a “hold” rating to a “buy” rating and set a $118.00 target price for the company in a research note on Wednesday, August 2nd. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $82.75.

In other news, Director Theodor Krantz sold 9,750 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $103.78, for a total transaction of $1,011,855.00. Following the completion of the sale, the director now owns 22,500 shares in the company, valued at $2,335,050. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Willett sold 66,759 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $104.58, for a total transaction of $6,981,656.22. Following the sale, the chief executive officer now owns 9,468 shares of the company’s stock, valued at approximately $990,163.44. The disclosure for this sale can be found here. Insiders have sold 126,750 shares of company stock worth $13,242,726 in the last ninety days. Corporate insiders own 5.60% of the company’s stock.

Large investors have recently modified their holdings of the company. USA Financial Portformulas Corp raised its holdings in shares of Cognex Corporation by 90.8% in the 2nd quarter. USA Financial Portformulas Corp now owns 11,633 shares of the scientific and technical instruments company’s stock worth $988,000 after purchasing an additional 5,536 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Cognex Corporation in the 2nd quarter worth approximately $772,000. Public Employees Retirement System of Ohio raised its holdings in shares of Cognex Corporation by 5.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 131,001 shares of the scientific and technical instruments company’s stock worth $11,122,000 after purchasing an additional 6,685 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Cognex Corporation in the 2nd quarter worth approximately $1,181,000. Finally, National Asset Management Inc. raised its holdings in shares of Cognex Corporation by 21.7% in the 2nd quarter. National Asset Management Inc. now owns 4,015 shares of the scientific and technical instruments company’s stock worth $341,000 after purchasing an additional 715 shares in the last quarter. 87.30% of the stock is owned by institutional investors.

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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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