Retirement Systems of Alabama boosted its stake in Cognex Co. (NASDAQ:CGNX) by 79.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 240,924 shares of the scientific and technical instruments company’s stock after purchasing an additional 106,722 shares during the period. Retirement Systems of Alabama’s holdings in Cognex were worth $14,735,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the business. Harding Loevner LP increased its stake in Cognex by 50.1% in the 3rd quarter. Harding Loevner LP now owns 2,835,891 shares of the scientific and technical instruments company’s stock worth $135,890,000 after purchasing an additional 947,119 shares during the period. Congress Asset Management Co. MA increased its stake in Cognex by 87.7% in the 4th quarter. Congress Asset Management Co. MA now owns 1,665,724 shares of the scientific and technical instruments company’s stock worth $101,876,000 after purchasing an additional 778,204 shares during the period. American Capital Management Inc. increased its stake in Cognex by 69.2% in the 4th quarter. American Capital Management Inc. now owns 1,606,199 shares of the scientific and technical instruments company’s stock worth $98,235,000 after purchasing an additional 657,107 shares during the period. Hermes Investment Management Ltd. increased its stake in Cognex by 64.0% in the 4th quarter. Hermes Investment Management Ltd. now owns 1,354,547 shares of the scientific and technical instruments company’s stock worth $82,844,000 after purchasing an additional 528,786 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Cognex by 1.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,276,853 shares of the scientific and technical instruments company’s stock worth $140,810,000 after purchasing an additional 15,541 shares during the period. 45.66% of the stock is currently owned by institutional investors and hedge funds.
CGNX has been the topic of a number of analyst reports. Deutsche Bank set a $80.00 price target on Cognex and gave the stock a “buy” rating in a research note on Friday, January 19th. BidaskClub raised Cognex from a “hold” rating to a “buy” rating in a research note on Wednesday, January 10th. Zacks Investment Research raised Cognex from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research note on Wednesday, November 1st. Canaccord Genuity boosted their target price on Cognex from $47.50 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, October 31st. Finally, Robert W. Baird boosted their target price on Cognex from $50.00 to $62.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Cognex currently has an average rating of “Hold” and an average price target of $66.83.
In related news, Director Patrick Alias sold 5,000 shares of the company’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $143.54, for a total value of $717,700.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.60% of the stock is owned by corporate insiders.
Cognex Co. (NASDAQ:CGNX) opened at $55.77 on Friday. Cognex Co. has a 12 month low of $34.59 and a 12 month high of $72.99. The stock has a market capitalization of $9,678.94, a P/E ratio of 56.91 and a beta of 1.44.
Cognex (NASDAQ:CGNX) last posted its earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. Cognex had a return on equity of 24.40% and a net margin of 23.69%. The firm had revenue of $180.37 million for the quarter, compared to analysts’ expectations of $178.75 million. During the same period in the previous year, the firm earned $0.20 earnings per share. The business’s revenue was up 39.5% compared to the same quarter last year. analysts anticipate that Cognex Co. will post 1.48 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Investors of record on Friday, March 2nd will be paid a $0.045 dividend. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.18 annualized dividend and a yield of 0.32%. Cognex’s payout ratio is 18.37%.
Cognex announced that its Board of Directors has authorized a stock buyback program on Thursday, February 15th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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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