J P Morgan Chase & Co lowered shares of Cognex Corporation (NASDAQ:CGNX) from a neutral rating to an underweight rating in a report issued on Wednesday morning, MarketBeat.com reports. J P Morgan Chase & Co currently has $125.00 target price on the scientific and technical instruments company’s stock.
Several other equities analysts also recently weighed in on CGNX. Cowen and Company reiterated a buy rating and set a $100.00 target price on shares of Cognex Corporation in a research report on Tuesday, July 11th. Wolfe Research started coverage on Cognex Corporation in a research report on Tuesday, July 11th. They set a peer perform rating on the stock. Zacks Investment Research downgraded Cognex Corporation from a buy rating to a hold rating in a research report on Monday, July 17th. BidaskClub upgraded Cognex Corporation from a buy rating to a strong-buy rating in a research report on Friday, August 4th. Finally, Robert W. Baird lifted their target price on Cognex Corporation from $100.00 to $124.00 and gave the company a neutral rating in a research report on Tuesday, October 31st. One analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Cognex Corporation currently has a consensus rating of Buy and an average target price of $106.88.
Cognex Corporation (NASDAQ:CGNX) traded up $2.01 during mid-day trading on Wednesday, hitting $136.36. The stock had a trading volume of 829,700 shares, compared to its average volume of 954,854. The stock has a market cap of $11,807.00, a P/E ratio of 50.32 and a beta of 1.48. Cognex Corporation has a 52-week low of $53.50 and a 52-week high of $138.18.
Shares of Cognex Corporation are set to split on Monday, December 4th. The 2-1 split was announced on Monday, October 30th. The newly created shares will be payable to shareholders after the market closes on Friday, December 1st.
Cognex Corporation (NASDAQ:CGNX) last released its earnings results on Monday, October 30th. The scientific and technical instruments company reported $1.14 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.05 by $0.09. The company had revenue of $259.74 million for the quarter, compared to the consensus estimate of $255.95 million. Cognex Corporation had a return on equity of 23.31% and a net margin of 34.77%. Cognex Corporation’s quarterly revenue was up 75.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.61 earnings per share. research analysts forecast that Cognex Corporation will post 2.77 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 0.26%. This is an increase from Cognex Corporation’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, November 16th. Cognex Corporation’s payout ratio is presently 12.55%.
In other news, CEO Robert Willett sold 66,759 shares of Cognex Corporation stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $104.58, for a total value of $6,981,656.22. Following the sale, the chief executive officer now directly owns 9,468 shares of the company’s stock, valued at $990,163.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Theodor Krantz sold 9,750 shares of Cognex Corporation stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $103.78, for a total value of $1,011,855.00. Following the completion of the sale, the director now directly owns 22,500 shares in the company, valued at $2,335,050. The disclosure for this sale can be found here. Insiders sold 220,500 shares of company stock worth $25,957,651 over the last 90 days. Company insiders own 5.60% of the company’s stock.
Hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its holdings in shares of Cognex Corporation by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 133,670 shares of the scientific and technical instruments company’s stock worth $11,349,000 after purchasing an additional 2,551 shares during the last quarter. Airain ltd bought a new stake in shares of Cognex Corporation in the second quarter worth about $1,074,000. Prudential Financial Inc. increased its holdings in shares of Cognex Corporation by 24.8% in the second quarter. Prudential Financial Inc. now owns 427,606 shares of the scientific and technical instruments company’s stock worth $36,303,000 after purchasing an additional 84,976 shares during the last quarter. Handelsinvest Investeringsforvaltning increased its holdings in shares of Cognex Corporation by 22.9% in the second quarter. Handelsinvest Investeringsforvaltning now owns 93,400 shares of the scientific and technical instruments company’s stock worth $7,930,000 after purchasing an additional 17,400 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Cognex Corporation by 2.2% in the second quarter. State Street Corp now owns 2,169,073 shares of the scientific and technical instruments company’s stock worth $184,153,000 after purchasing an additional 45,840 shares during the last quarter. 86.17% of the stock is currently owned by hedge funds and other institutional investors.
About Cognex Corporation
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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