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

Cowen cut shares of Cognex (NASDAQ:CGNXGet Rating) from an outperform rating to a market perform rating in a report issued on Tuesday, Marketbeat.com reports. They currently have $50.00 price target on the scientific and technical instruments company’s stock, down from their previous price target of $55.00.

A number of other brokerages have also issued reports on CGNX. Morgan Stanley reduced their price target on Cognex from $45.00 to $41.00 and set an equal weight rating for the company in a research report on Wednesday, October 12th. Raymond James cut their price objective on Cognex from $75.00 to $65.00 in a report on Sunday, November 6th. Stephens lowered Cognex from an overweight rating to an equal weight rating and cut their price objective for the company from $80.00 to $45.00 in a report on Wednesday, August 3rd. Daiwa Capital Markets cut their price objective on Cognex to $54.00 in a report on Tuesday, August 9th. Finally, StockNews.com began coverage on Cognex in a report on Wednesday, October 12th. They issued a hold rating for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $52.92.

Cognex Stock Performance

Shares of CGNX stock opened at $47.51 on Tuesday. Cognex has a 1 year low of $40.21 and a 1 year high of $80.30. The stock has a fifty day moving average of $44.81 and a two-hundred day moving average of $45.60. The firm has a market capitalization of $8.22 billion, a PE ratio of 39.26 and a beta of 1.59.

Cognex Increases Dividend

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

Institutional Investors Weigh In On Cognex

Institutional investors and hedge funds have recently modified their holdings of the stock. Tobam acquired a new position in Cognex during the second quarter valued at $30,000. Pinnacle Financial Partners Inc. acquired a new position in Cognex during the third quarter valued at $48,000. Wipfli Financial Advisors LLC acquired a new position in Cognex during the third quarter valued at $48,000. Meeder Asset Management Inc. acquired a new position in Cognex during the first quarter valued at $51,000. Finally, Quadrant Capital Group LLC raised its position in Cognex by 136.4% during the third quarter. Quadrant Capital Group LLC now owns 1,248 shares of the scientific and technical instruments company’s stock valued at $52,000 after buying an additional 720 shares during the period. 90.15% of the stock is owned by institutional investors and hedge funds.

About Cognex

(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

Analyst Recommendations for Cognex (NASDAQ:CGNX)

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