Share Repurchase Plan Announced by Cognex (CGNX) Board of Directors

Cognex (NASDAQ:CGNX) announced that its board has approved a stock buyback program, which permits the company to repurchase $150.00 million in shares on Thursday, February 15th, EventVestor reports. This repurchase authorization permits the scientific and technical instruments company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Cognex (NASDAQ:CGNX) opened at $56.44 on Wednesday. The firm has a market cap of $9,770.00, a price-to-earnings ratio of 57.59 and a beta of 1.44. Cognex has a 1-year low of $36.67 and a 1-year high of $72.99.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.05. The company had revenue of $180.37 million for the quarter, compared to analyst estimates of $178.75 million. Cognex had a net margin of 23.69% and a return on equity of 24.23%. Cognex’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the business earned $0.20 EPS. research analysts expect that Cognex will post 1.48 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 16th. Investors of record on Friday, March 2nd will be issued a dividend of $0.045 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.18 annualized dividend and a dividend yield of 0.32%. Cognex’s payout ratio is 18.37%.

A number of equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, February 13th. BidaskClub lowered shares of Cognex from a “hold” rating to a “sell” rating in a report on Thursday, February 8th. Deutsche Bank set a $80.00 price target on shares of Cognex and gave the company a “buy” rating in a report on Friday, January 19th. ValuEngine lowered shares of Cognex from a “hold” rating to a “sell” rating in a report on Thursday, December 7th. Finally, JPMorgan Chase & Co. lowered shares of Cognex from a “neutral” rating to an “underweight” rating and set a $62.50 price target on the stock. in a report on Wednesday, November 8th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Cognex currently has an average rating of “Hold” and an average target price of $66.83.

In related news, Director Patrick Alias sold 5,000 shares of Cognex stock in a transaction on Monday, November 27th. The shares were sold at an average price of $143.54, for a total transaction of $717,700.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.60% of the company’s stock.

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About Cognex

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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