Riverhead Capital Management LLC Grows Holdings in Cognex Co. (CGNX)

Riverhead Capital Management LLC raised its position in Cognex Co. (NASDAQ:CGNX) by 191.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 51,910 shares of the scientific and technical instruments company’s stock after acquiring an additional 34,100 shares during the period. Riverhead Capital Management LLC’s holdings in Cognex were worth $2,898,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CGNX. Bank of Montreal Can bought a new stake in Cognex in the 2nd quarter valued at approximately $1,370,000. Alps Advisors Inc. raised its stake in shares of Cognex by 21.3% during the 2nd quarter. Alps Advisors Inc. now owns 13,328 shares of the scientific and technical instruments company’s stock worth $815,000 after purchasing an additional 2,344 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Cognex by 84.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 35,137 shares of the scientific and technical instruments company’s stock worth $1,567,000 after purchasing an additional 16,055 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Cognex by 3.1% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 134,055 shares of the scientific and technical instruments company’s stock worth $5,980,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Cognex by 4.7% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 555,493 shares of the scientific and technical instruments company’s stock worth $24,781,000 after purchasing an additional 25,057 shares in the last quarter. Hedge funds and other institutional investors own 91.02% of the company’s stock.

A number of brokerages have commented on CGNX. Zacks Investment Research lowered Cognex from a “hold” rating to a “sell” rating in a report on Wednesday, October 3rd. BidaskClub raised Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Northcoast Research lowered Cognex from a “buy” rating to a “neutral” rating and set a $54.00 price objective on the stock. in a report on Friday, August 24th. They noted that the move was a valuation call. Morgan Stanley began coverage on Cognex in a report on Monday, August 20th. They issued an “equal weight” rating and a $57.00 price objective on the stock. Finally, Needham & Company LLC raised Cognex from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Tuesday, October 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $51.76.

NASDAQ CGNX opened at $41.40 on Friday. Cognex Co. has a one year low of $36.16 and a one year high of $70.00. The company has a market cap of $7.56 billion, a P/E ratio of 28.55, a price-to-earnings-growth ratio of 2.44 and a beta of 1.90.

Cognex (NASDAQ:CGNX) last announced its quarterly earnings data on Monday, October 29th. The scientific and technical instruments company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. Cognex had a return on equity of 20.88% and a net margin of 18.52%. The firm had revenue of $232.22 million during the quarter, compared to analysts’ expectations of $227.15 million. During the same quarter last year, the firm posted $1.14 earnings per share. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. Analysts forecast that Cognex Co. will post 1.2 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Friday, November 16th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Thursday, November 15th. This is a boost from Cognex’s previous quarterly dividend of $0.05. Cognex’s dividend payout ratio (DPR) is 13.79%.

Cognex declared that its Board of Directors has initiated a stock buyback plan on Monday, October 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the scientific and technical instruments company to reacquire up to 2.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other Cognex news, Director Anthony Sun sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 13th. The stock was sold at an average price of $56.04, for a total value of $560,400.00. Following the completion of the sale, the director now owns 264,262 shares of the company’s stock, valued at $14,809,242.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jerry A. Schneider sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 11th. The shares were sold at an average price of $54.29, for a total value of $271,450.00. Following the completion of the sale, the director now directly owns 7,000 shares of the company’s stock, valued at approximately $380,030. The disclosure for this sale can be found here. Company insiders own 5.40% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This article was first published by American Banking News and is the sole property of of American Banking News. If you are viewing this article on another site, it was illegally copied and reposted in violation of U.S. & international copyright & trademark laws. The original version of this article can be viewed at https://www.americanbankingnews.com/2018/12/08/riverhead-capital-management-llc-grows-holdings-in-cognex-co-cgnx.html.

About Cognex

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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.

Further Reading: What is the yield curve?

Want to see what other hedge funds are holding CGNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cognex Co. (NASDAQ:CGNX).

Institutional Ownership by Quarter for Cognex (NASDAQ:CGNX)

Receive News & Ratings for Cognex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognex and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply