FY2017 Earnings Forecast for Cognex Corporation (CGNX) Issued By Northcoast Research
Cognex Corporation (NASDAQ:CGNX) – Stock analysts at Northcoast Research upped their FY2017 earnings per share (EPS) estimates for shares of Cognex Corporation in a research report issued to clients and investors on Wednesday. Northcoast Research analyst T. Hayes now forecasts that the scientific and technical instruments company will post earnings per share of $2.77 for the year, up from their prior estimate of $2.62. Northcoast Research also issued estimates for Cognex Corporation’s Q4 2017 earnings at $0.49 EPS, Q1 2018 earnings at $0.47 EPS, Q2 2018 earnings at $0.73 EPS and Q3 2018 earnings at $0.89 EPS.
CGNX has been the topic of a number of other reports. Zacks Investment Research raised Cognex Corporation from a “hold” rating to a “buy” rating and set a $118.00 target price on the stock in a report on Wednesday, August 2nd. BidaskClub raised Cognex Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Cowen and Company reaffirmed an “outperform” rating and set a $135.00 target price (up from $100.00) on shares of Cognex Corporation in a report on Tuesday, August 8th. Wolfe Research raised Cognex Corporation from a “market perform” rating to an “outperform” rating in a report on Monday, August 14th. Finally, Robert W. Baird lifted their target price on Cognex Corporation from $100.00 to $124.00 and gave the stock a “neutral” rating in a report on Tuesday. 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 stock. The stock has an average rating of “Buy” and a consensus target price of $99.50.
Cognex Corporation (NASDAQ:CGNX) last released its quarterly earnings data on Monday, October 30th. The scientific and technical instruments company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.05 by $0.09. Cognex Corporation had a net margin of 34.77% and a return on equity of 23.31%. The business had revenue of $259.74 million for the quarter, compared to analyst estimates of $255.95 million. During the same period in the previous year, the firm earned $0.61 EPS. The business’s revenue for the quarter was up 75.6% compared to the same quarter last year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $0.09 dividend. This is a positive change from Cognex Corporation’s previous quarterly dividend of $0.09. The ex-dividend date is Thursday, November 16th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.29%. Cognex Corporation’s dividend payout ratio (DPR) is 12.55%.
In related news, Director Patrick Alias sold 5,000 shares of the stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $111.31, for a total value of $556,550.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at approximately $556,550. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Willett sold 66,759 shares of the stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $104.58, for a total value of $6,981,656.22. Following the completion of the transaction, 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 sold a total of 121,750 shares of company stock valued at $12,729,376 in the last quarter. 5.60% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in CGNX. Ameriprise Financial Inc. boosted its position in shares of Cognex Corporation by 126.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,342,312 shares of the scientific and technical instruments company’s stock valued at $198,864,000 after purchasing an additional 1,309,047 shares during the period. Coatue Management LLC acquired a new position in shares of Cognex Corporation in the 2nd quarter valued at $87,064,000. American Century Companies Inc. acquired a new position in shares of Cognex Corporation in the 2nd quarter valued at $31,281,000. BlackRock Inc. boosted its position in shares of Cognex Corporation by 3.5% in the 2nd quarter. BlackRock Inc. now owns 6,887,038 shares of the scientific and technical instruments company’s stock valued at $584,711,000 after purchasing an additional 231,014 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Cognex Corporation by 21.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,261,312 shares of the scientific and technical instruments company’s stock valued at $107,085,000 after purchasing an additional 221,545 shares during the period. Institutional investors and hedge funds own 86.45% of the company’s stock.
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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