TimesSquare Capital Management LLC raised its holdings in shares of Cognex Co. (NASDAQ:CGNX) by 32.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 318,000 shares of the scientific and technical instruments company’s stock after purchasing an additional 78,000 shares during the period. TimesSquare Capital Management LLC owned 0.18% of Cognex worth $19,449,000 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. Private Advisor Group LLC bought a new position in Cognex during the 3rd quarter valued at approximately $214,000. Coldstream Capital Management Inc. bought a new position in Cognex during the 3rd quarter valued at approximately $203,000. Parallel Advisors LLC raised its position in Cognex by 100.1% during the 4th quarter. Parallel Advisors LLC now owns 1,883 shares of the scientific and technical instruments company’s stock valued at $115,000 after purchasing an additional 942 shares during the last quarter. Wealthsource Partners LLC bought a new position in Cognex during the 3rd quarter valued at approximately $212,000. Finally, Cerebellum GP LLC bought a new position in Cognex during the 4th quarter valued at approximately $126,000. 81.97% of the stock is owned by institutional investors and hedge funds.
In related news, Director Anthony Sun sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $56.49, for a total transaction of $564,900.00. Following the completion of the transaction, the director now owns 294,262 shares of the company’s stock, valued at approximately $16,622,860.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 5.60% of the stock is owned by company insiders.
Shares of CGNX stock traded up $0.87 during trading hours on Friday, hitting $55.30. The stock had a trading volume of 2,307,662 shares, compared to its average volume of 2,381,022. Cognex Co. has a 12-month low of $38.67 and a 12-month high of $72.99. The company has a market cap of $9,559.05, a price-to-earnings ratio of 56.43 and a beta of 1.54.
Cognex (NASDAQ:CGNX) last announced its earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.05. Cognex had a return on equity of 24.23% and a net margin of 23.69%. The firm had revenue of $180.37 million during the quarter, compared to analyst estimates of $178.75 million. During the same quarter in the prior year, the company earned $0.20 EPS. The business’s revenue was up 39.5% compared to the same quarter last year. research analysts predict that Cognex Co. will post 1.4 earnings per share for the current year.
Cognex declared that its board has authorized a share buyback plan on Thursday, February 15th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the scientific and technical instruments company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 16th. Investors of record on Friday, March 2nd were given a dividend of $0.045 per share. This represents a $0.18 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend was Thursday, March 1st. Cognex’s dividend payout ratio (DPR) is presently 18.37%.
A number of research analysts have commented on the company. ValuEngine lowered Cognex from a “hold” rating to a “sell” rating in a research report on Thursday, March 1st. BidaskClub raised Cognex from a “hold” rating to a “buy” rating in a research report on Wednesday, January 10th. Zacks Investment Research raised Cognex from a “sell” rating to a “hold” rating in a research report on Tuesday, February 13th. Finally, Deutsche Bank set a $80.00 target price on Cognex and gave the stock a “buy” rating in a research report on Friday, January 19th. 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. The stock currently has a consensus rating of “Hold” and a consensus price target of $66.83.
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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