Cognex (NASDAQ:CGNX) Shares Gap Down to $53.20

Shares of Cognex Co. (NASDAQ:CGNXGet Rating) gapped down prior to trading on Tuesday . The stock had previously closed at $53.20, but opened at $50.56. Cognex shares last traded at $49.22, with a volume of 2,675 shares.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Needham & Company LLC upped their target price on Cognex from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 4th. Cowen downgraded shares of Cognex from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $55.00 to $50.00 in a research report on Tuesday, November 22nd. Credit Suisse Group assumed coverage on shares of Cognex in a research report on Monday, December 12th. They set an “underperform” rating and a $41.00 target price on the stock. Cowen downgraded shares of Cognex from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $55.00 to $50.00 in a research report on Tuesday, November 22nd. Finally, Raymond James lowered their price target on Cognex from $75.00 to $65.00 in a report on Sunday, November 6th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Cognex has an average rating of “Hold” and an average price target of $51.92.

Cognex Trading Down 0.3 %

The stock has a market cap of $8.82 billion, a P/E ratio of 42.14 and a beta of 1.56. The company’s fifty day simple moving average is $49.33 and its 200-day simple moving average is $46.50.

Cognex (NASDAQ:CGNXGet Rating) last announced its quarterly earnings results 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 firm had revenue of $209.62 million for the quarter, compared to analyst estimates of $197.24 million. Cognex had a net margin of 21.15% and a return on equity of 16.89%. As a group, analysts expect that Cognex Co. will post 1.07 earnings per share for the current fiscal year.

Cognex Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Shareholders of record on Friday, November 18th were paid a dividend of $0.07 per share. This is a boost from Cognex’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Thursday, November 17th. This represents a $0.28 dividend on an annualized basis and a yield of 0.55%. Cognex’s dividend payout ratio (DPR) is currently 23.14%.

Insider Activity at Cognex

In related news, Director Theodor Krantz sold 52,000 shares of the stock in a transaction dated 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 completion of the sale, the director now owns 36,108 shares in the company, valued at approximately $1,805,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 4.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Exchange Traded Concepts LLC boosted its holdings in shares of Cognex by 5,175.4% in the 4th quarter. Exchange Traded Concepts LLC now owns 407,106 shares of the scientific and technical instruments company’s stock worth $19,179,000 after acquiring an additional 399,389 shares in the last quarter. Copeland Capital Management LLC raised its holdings in shares of Cognex by 17.8% in the fourth quarter. Copeland Capital Management LLC now owns 286,499 shares of the scientific and technical instruments company’s stock valued at $13,496,000 after buying an additional 43,264 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Cognex by 86.6% in the fourth quarter. Allworth Financial LP now owns 793 shares of the scientific and technical instruments company’s stock valued at $37,000 after buying an additional 368 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Cognex by 21.3% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 14,322 shares of the scientific and technical instruments company’s stock valued at $675,000 after buying an additional 2,513 shares during the last quarter. Finally, Riverbridge Partners LLC raised its holdings in shares of Cognex by 13.0% in the fourth quarter. Riverbridge Partners LLC now owns 1,808,642 shares of the scientific and technical instruments company’s stock valued at $85,205,000 after buying an additional 207,375 shares during the last quarter. 91.24% 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

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