Cognex (NASDAQ:CGNX) Lowered to Market Perform at Cowen

Cowen downgraded shares of Cognex (NASDAQ:CGNXGet Rating) from an outperform rating to a market perform rating in a research note released on Tuesday morning, The Fly reports. They currently have $50.00 target price on the scientific and technical instruments company’s stock, down from their previous target price of $55.00.

A number of other research analysts have also recently commented on CGNX. Daiwa Capital Markets decreased their target price on shares of Cognex to $54.00 in a research report on Tuesday, August 9th. Stephens cut shares of Cognex from an overweight rating to an equal weight rating and decreased their target price for the company from $80.00 to $45.00 in a research report on Wednesday, August 3rd. Cowen decreased their target price on shares of Cognex from $75.00 to $55.00 and set an outperform rating on the stock in a research report on Wednesday, August 3rd. Needham & Company LLC boosted their price target on shares of Cognex from $52.00 to $54.00 and gave the stock a buy rating in a research note on Friday, November 4th. Finally, StockNews.com initiated coverage on shares of Cognex in a research note on Wednesday, October 12th. They set a hold rating on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $52.92.

Cognex Price Performance

NASDAQ CGNX opened at $47.51 on Tuesday. The firm’s 50-day moving average is $44.81 and its two-hundred day moving average is $45.60. Cognex has a 12 month low of $40.21 and a 12 month high of $80.30. The stock has a market capitalization of $8.22 billion, a P/E ratio of 39.26 and a beta of 1.59.

Cognex Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Friday, November 18th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.59%. This is a positive change from Cognex’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Thursday, November 17th. Cognex’s dividend payout ratio is presently 23.14%.

Institutional Trading of Cognex

A number of large investors have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Cognex during the third quarter worth approximately $1,112,000. M&T Bank Corp increased its stake in Cognex by 3.4% in the third quarter. M&T Bank Corp now owns 66,446 shares of the scientific and technical instruments company’s stock valued at $2,754,000 after purchasing an additional 2,212 shares during the last quarter. Balyasny Asset Management LLC purchased a new position in Cognex in the third quarter valued at approximately $10,998,000. United Services Automobile Association increased its stake in Cognex by 1.9% in the third quarter. United Services Automobile Association now owns 19,276 shares of the scientific and technical instruments company’s stock valued at $800,000 after purchasing an additional 362 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in Cognex in the third quarter valued at approximately $68,000. 90.15% of the stock is currently owned by hedge funds and other institutional investors.

Cognex Company Profile

(Get Rating)

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.

Further Reading

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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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