BlackRock Inc. decreased its holdings in shares of Cognex Co. (NASDAQ:CGNX) by 0.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,887,659 shares of the scientific and technical instruments company’s stock after selling 110,702 shares during the period. BlackRock Inc. owned 9.90% of Cognex worth $810,272,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Candriam Luxembourg S.C.A. raised its position in Cognex by 288.9% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 34,452 shares of the scientific and technical instruments company’s stock valued at $1,646,000 after purchasing an additional 25,593 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Cognex by 2.1% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 223,649 shares of the scientific and technical instruments company’s stock worth $10,731,000 after acquiring an additional 4,513 shares during the period. Davy Asset Management Ltd purchased a new position in shares of Cognex during the 2nd quarter worth approximately $2,142,000. Advisory Services Network LLC grew its holdings in shares of Cognex by 77.1% during the 2nd quarter. Advisory Services Network LLC now owns 1,261 shares of the scientific and technical instruments company’s stock worth $61,000 after acquiring an additional 549 shares during the period. Finally, Pacer Advisors Inc. grew its holdings in shares of Cognex by 29,063.7% during the 2nd quarter. Pacer Advisors Inc. now owns 68,243 shares of the scientific and technical instruments company’s stock worth $3,274,000 after acquiring an additional 68,009 shares during the period. 91.98% of the stock is owned by institutional investors and hedge funds.
Cognex stock opened at $53.34 on Friday. The company has a quick ratio of 6.90, a current ratio of 7.71 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $9.32 billion, a P/E ratio of 43.02 and a beta of 2.10. The stock’s 50 day moving average is $50.16 and its 200 day moving average is $46.56. Cognex Co. has a twelve month low of $34.88 and a twelve month high of $57.31.
Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, October 28th. The scientific and technical instruments company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.03. The company had revenue of $183.33 million for the quarter, compared to the consensus estimate of $177.78 million. Cognex had a return on equity of 14.21% and a net margin of 22.55%. The firm’s quarterly revenue was down 21.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS. As a group, equities analysts expect that Cognex Co. will post 0.82 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.055 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.22 annualized dividend and a dividend yield of 0.41%. This is an increase from Cognex’s previous quarterly dividend of $0.05. Cognex’s dividend payout ratio is presently 16.13%.
A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Cognex from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Needham & Company LLC reiterated a “hold” rating on shares of Cognex in a report on Tuesday, October 29th. Goldman Sachs Group downgraded Cognex from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $45.00 to $36.00 in a report on Tuesday, July 16th. DA Davidson upped their target price on Cognex from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, September 23rd. Finally, BidaskClub upgraded Cognex from a “buy” rating to a “strong-buy” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Cognex currently has an average rating of “Hold” and a consensus price target of $50.45.
In related news, Director Dianne M. Parrotte sold 900 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total value of $40,500.00. Following the sale, the director now owns 19,700 shares in the company, valued at approximately $886,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Theodor Krantz sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $51.87, for a total value of $1,556,100.00. Following the completion of the sale, the director now owns 52,500 shares in the company, valued at approximately $2,723,175. The disclosure for this sale can be found here. Insiders sold a total of 153,808 shares of company stock worth $7,993,210 in the last 90 days. 5.60% of the stock is currently owned by company insiders.
Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. It provides machine vision products, which are used to automate the manufacture and tracking of discrete items, including mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.
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