Truist Financial Corp Raises Holdings in Cognex Co. (NASDAQ:CGNX)

Truist Financial Corp lifted its holdings in shares of Cognex Co. (NASDAQ:CGNXGet Rating) by 32.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 84,041 shares of the scientific and technical instruments company’s stock after acquiring an additional 20,461 shares during the period. Truist Financial Corp’s holdings in Cognex were worth $3,483,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. State Street Corp grew its stake in shares of Cognex by 0.8% during the first quarter. State Street Corp now owns 5,778,896 shares of the scientific and technical instruments company’s stock worth $445,842,000 after acquiring an additional 45,764 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Cognex by 5.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 5,449,835 shares of the scientific and technical instruments company’s stock worth $231,727,000 after acquiring an additional 272,707 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of Cognex by 183.5% during the second quarter. Lazard Asset Management LLC now owns 3,481,515 shares of the scientific and technical instruments company’s stock worth $148,034,000 after acquiring an additional 2,253,285 shares during the last quarter. William Blair Investment Management LLC grew its stake in shares of Cognex by 64.8% during the second quarter. William Blair Investment Management LLC now owns 2,072,513 shares of the scientific and technical instruments company’s stock worth $88,123,000 after acquiring an additional 815,224 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Cognex by 4.3% during the second quarter. Principal Financial Group Inc. now owns 2,064,675 shares of the scientific and technical instruments company’s stock worth $87,790,000 after acquiring an additional 85,276 shares during the last quarter. Hedge funds and other institutional investors own 91.24% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on CGNX. StockNews.com began coverage on Cognex in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Cowen lowered Cognex from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $55.00 to $50.00 in a research report on Tuesday, November 22nd. Needham & Company LLC upped their target price on Cognex from $52.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, November 4th. Cowen lowered Cognex from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $55.00 to $50.00 in a research report on Tuesday, November 22nd. Finally, Raymond James dropped their target price on Cognex from $75.00 to $65.00 in a research report on Sunday, November 6th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $52.00.

Cognex Stock Performance

Shares of NASDAQ CGNX opened at $53.20 on Friday. The company’s fifty day moving average price is $49.04 and its 200 day moving average price is $46.31. Cognex Co. has a 1 year low of $40.21 and a 1 year high of $80.30. The company has a market capitalization of $9.20 billion, a PE ratio of 43.97 and a beta of 1.56.

Cognex (NASDAQ:CGNXGet Rating) last posted its quarterly earnings data on Thursday, November 3rd. The scientific and technical instruments company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.15. The business had revenue of $209.62 million for the quarter, compared to the consensus estimate of $197.24 million. Cognex had a net margin of 21.15% and a return on equity of 16.89%. On average, equities analysts expect that Cognex Co. will post 1.07 EPS for the current year.

Cognex Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 2nd. Shareholders of record on Friday, November 18th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.53%. This is an increase from Cognex’s previous quarterly dividend of $0.07. The ex-dividend date was Thursday, November 17th. Cognex’s dividend payout ratio (DPR) is presently 23.14%.

Insider Buying and Selling at Cognex

In other Cognex news, Director Theodor Krantz sold 52,000 shares of the stock in a transaction on Monday, December 12th. The shares were sold at an average price of $50.00, for a total transaction of $2,600,000.00. Following the transaction, the director now directly owns 36,108 shares of the company’s stock, valued at $1,805,400. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.10% of the company’s stock.

Cognex Profile

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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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