Advisors Asset Management Inc. Decreases Position in Cognex Co. (NASDAQ:CGNX)

Advisors Asset Management Inc. lowered its stake in shares of Cognex Co. (NASDAQ:CGNXGet Rating) by 16.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 12,068 shares of the scientific and technical instruments company’s stock after selling 2,317 shares during the quarter. Advisors Asset Management Inc.’s holdings in Cognex were worth $513,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. American Century Companies Inc. grew its stake in Cognex by 31.5% in the 1st quarter. American Century Companies Inc. now owns 5,938,568 shares of the scientific and technical instruments company’s stock valued at $458,160,000 after buying an additional 1,422,175 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Cognex in the 1st quarter valued at approximately $97,000,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Cognex by 32.1% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,948,241 shares of the scientific and technical instruments company’s stock valued at $82,839,000 after buying an additional 473,762 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Cognex by 41.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,174,329 shares of the scientific and technical instruments company’s stock valued at $50,440,000 after buying an additional 344,319 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Cognex by 1.2% in the 1st quarter. BlackRock Inc. now owns 19,443,442 shares of the scientific and technical instruments company’s stock valued at $1,500,064,000 after buying an additional 229,114 shares in the last quarter. Hedge funds and other institutional investors own 90.15% of the company’s stock.

Cognex Stock Down 2.4 %

Cognex stock opened at $47.74 on Friday. The company has a market capitalization of $8.26 billion, a PE ratio of 39.45 and a beta of 1.59. The firm has a fifty day simple moving average of $44.66 and a two-hundred day simple moving average of $46.04. Cognex Co. has a twelve month low of $40.21 and a twelve month high of $80.33.

Cognex Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Friday, November 18th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, November 17th. This is an increase from Cognex’s previous quarterly dividend of $0.07. This represents a $0.28 annualized dividend and a yield of 0.59%. Cognex’s payout ratio is currently 21.49%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CGNX shares. StockNews.com assumed coverage on shares of Cognex in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley cut their price target on shares of Cognex from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Wednesday, October 12th. Daiwa Capital Markets cut their price target on shares of Cognex to $54.00 in a report on Tuesday, August 9th. Cowen cut their price target on shares of Cognex from $75.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, August 3rd. Finally, Stephens downgraded shares of Cognex from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $80.00 to $45.00 in a report on Wednesday, August 3rd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $53.75.

About Cognex

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Cognex Corporation provides machine vision products that capture and analyze visual information in order 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, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.

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Institutional Ownership by Quarter for Cognex (NASDAQ:CGNX)

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