Brokers Offer Predictions for Cognex Co.’s Q2 2024 Earnings (NASDAQ:CGNX)

Cognex Co. (NASDAQ:CGNX) – Equities researchers at DA Davidson issued their Q2 2024 earnings estimates for Cognex in a report issued on Monday, May 6th. DA Davidson analyst M. Summerville forecasts that the scientific and technical instruments company will earn $0.12 per share for the quarter. The consensus estimate for Cognex’s current full-year earnings is $0.44 per share. DA Davidson also issued estimates for Cognex’s FY2024 earnings at $0.45 EPS and FY2025 earnings at $0.90 EPS.

A number of other brokerages also recently weighed in on CGNX. StockNews.com downgraded Cognex from a “hold” rating to a “sell” rating in a report on Monday, February 19th. Citigroup boosted their price target on Cognex from $41.00 to $43.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. The Goldman Sachs Group raised their price objective on shares of Cognex from $36.00 to $41.00 and gave the stock a “sell” rating in a research report on Monday. Stephens boosted their target price on shares of Cognex from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, UBS Group upgraded shares of Cognex from a “neutral” rating to a “buy” rating and raised their price target for the stock from $42.00 to $54.00 in a report on Tuesday, March 19th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.67.

Cognex Stock Up 1.6 %

Shares of Cognex stock opened at $44.49 on Tuesday. The stock has a market cap of $7.64 billion, a price-to-earnings ratio of 76.71 and a beta of 1.48. Cognex has a twelve month low of $34.28 and a twelve month high of $59.51. The company’s fifty day moving average is $40.79 and its 200 day moving average is $38.96.

Cognex (NASDAQ:CGNX) last posted its earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.07 by $0.04. Cognex had a return on equity of 6.81% and a net margin of 11.76%. The firm had revenue of $196.70 million during the quarter, compared to the consensus estimate of $189.16 million. During the same period last year, the company earned $0.27 earnings per share. The business’s quarterly revenue was down 17.8% on a year-over-year basis.

Cognex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Thursday, May 16th will be given a $0.075 dividend. The ex-dividend date is Wednesday, May 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.67%. Cognex’s payout ratio is 51.72%.

Insiders Place Their Bets

In other news, EVP Carl Gerst sold 6,782 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $40.54, for a total value of $274,942.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.

Institutional Trading of Cognex

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Cognex by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 17,334,064 shares of the scientific and technical instruments company’s stock valued at $723,524,000 after acquiring an additional 203,149 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Cognex by 17.8% during the third quarter. Lazard Asset Management LLC now owns 5,536,355 shares of the scientific and technical instruments company’s stock valued at $234,962,000 after purchasing an additional 837,487 shares in the last quarter. Brown Capital Management LLC grew its stake in Cognex by 5.1% in the fourth quarter. Brown Capital Management LLC now owns 5,419,313 shares of the scientific and technical instruments company’s stock worth $226,202,000 after purchasing an additional 262,003 shares during the period. Impax Asset Management Group plc lifted its position in Cognex by 1.1% during the fourth quarter. Impax Asset Management Group plc now owns 2,842,978 shares of the scientific and technical instruments company’s stock valued at $118,666,000 after buying an additional 31,483 shares during the period. Finally, Nordea Investment Management AB boosted its holdings in shares of Cognex by 29.0% during the 1st quarter. Nordea Investment Management AB now owns 2,663,900 shares of the scientific and technical instruments company’s stock valued at $113,722,000 after buying an additional 598,207 shares in the last quarter. 88.12% of the stock is owned by institutional investors.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.