Ardevora Asset Management LLP decreased its position in Cognex Corporation (NASDAQ:CGNX) by 8.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 428,100 shares of the scientific and technical instruments company’s stock after selling 37,500 shares during the period. Cognex Corporation makes up approximately 1.1% of Ardevora Asset Management LLP’s investment portfolio, making the stock its 27th largest position. Ardevora Asset Management LLP owned approximately 0.49% of Cognex Corporation worth $36,346,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the company. Segantii Capital Management Ltd bought a new stake in shares of Cognex Corporation during the first quarter worth about $101,000. IFP Advisors Inc increased its stake in shares of Cognex Corporation by 172.3% in the first quarter. IFP Advisors Inc now owns 1,307 shares of the scientific and technical instruments company’s stock worth $110,000 after buying an additional 827 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Cognex Corporation by 69.9% in the first quarter. Fifth Third Bancorp now owns 1,580 shares of the scientific and technical instruments company’s stock worth $133,000 after buying an additional 650 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Cognex Corporation during the second quarter worth about $135,000. Finally, Bronfman E.L. Rothschild L.P. increased its stake in shares of Cognex Corporation by 737.8% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,952 shares of the scientific and technical instruments company’s stock worth $164,000 after buying an additional 1,719 shares in the last quarter. 87.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cognex Corporation (NASDAQ CGNX) traded up 1.70% on Friday, hitting $101.52. The stock had a trading volume of 652,422 shares. The company has a market capitalization of $8.79 billion, a PE ratio of 46.38 and a beta of 1.43. The firm has a 50-day moving average of $93.33 and a 200 day moving average of $85.39. Cognex Corporation has a 1-year low of $47.25 and a 1-year high of $110.69.
Cognex Corporation (NASDAQ:CGNX) last announced its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.08. The company 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%. The firm’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 earnings per share. On average, equities analysts anticipate that Cognex Corporation will post $2.56 earnings per share for the current fiscal year.
Cognex Corporation declared that its board has initiated a share buyback program on Monday, May 1st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the scientific and technical instruments company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a $0.085 dividend. This represents a $0.34 annualized dividend and a yield of 0.33%. The ex-dividend date of this dividend is Wednesday, August 16th. Cognex Corporation’s dividend payout ratio is presently 15.60%.
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A number of equities research analysts recently issued reports on CGNX shares. Zacks Investment Research raised Cognex Corporation from a “sell” rating to a “buy” rating and set a $101.00 price target on the stock in a research report on Wednesday, May 3rd. Cowen and Company reissued a “buy” rating and set a $100.00 price target on shares of Cognex Corporation in a research report on Tuesday, July 11th. BidaskClub downgraded Cognex Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 30th. Finally, Canaccord Genuity reissued a “hold” rating and set a $80.00 price target (up previously from $65.00) on shares of Cognex Corporation in a research report on Wednesday, May 3rd. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $82.75.
In other news, CEO Robert Willett sold 55,919 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were 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 of the company’s stock, valued at $5,129,449.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Theodor Krantz sold 7,500 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $96.09, for a total transaction of $720,675.00. Following the transaction, the director now directly owns 26,250 shares of the company’s stock, valued at $2,522,362.50. The disclosure for this sale can be found here. Insiders sold 93,419 shares of company stock valued at $8,947,725 over the last three months. 5.60% of the stock is currently owned by insiders.
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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