Cognex Corporation (CGNX) Sets New 52-Week High at $111.02

Shares of Cognex Corporation (NASDAQ:CGNX) hit a new 52-week high on Monday . The stock traded as high as $111.02 and last traded at $110.95, with a volume of 304,344 shares. The stock had previously closed at $107.91.

Several analysts have weighed in on the stock. Wolfe Research raised shares of Cognex Corporation from a “market perform” rating to an “outperform” rating in a research note on Monday, August 14th. Cowen and Company reaffirmed an “outperform” rating and set a $135.00 price objective (up from $100.00) on shares of Cognex Corporation in a research note on Tuesday, August 8th. BidaskClub raised shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 4th. Finally, Zacks Investment Research raised shares of Cognex Corporation from a “hold” rating to a “buy” rating and set a $118.00 price objective on the stock in a research note on Wednesday, August 2nd. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $82.75.

The company has a market cap of $9.66 billion, a price-to-earnings ratio of 50.97 and a beta of 1.40. The company’s 50 day moving average is $102.63 and its 200-day moving average is $90.69.

Cognex Corporation (NASDAQ:CGNX) last issued its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.55 by $0.08. The company had revenue of $172.90 million during the quarter, compared to analysts’ expectations of $169.79 million. Cognex Corporation had a net margin of 33.10% and a return on equity of 19.51%. The business’s revenue for the quarter was up 17.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 EPS. Equities analysts anticipate that Cognex Corporation will post $2.56 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were given a $0.085 dividend. This represents a $0.34 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend was Wednesday, August 16th. Cognex Corporation’s payout ratio is presently 15.60%.

In related news, Director Jerry A. Schneider sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $102.67, for a total transaction of $513,350.00. Following the completion of the transaction, the director now directly owns 6,000 shares in the company, valued at approximately $616,020. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bruce Robinson J sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $106.50, for a total transaction of $745,500.00. Following the transaction, the director now owns 5,625 shares of the company’s stock, valued at $599,062.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,750 shares of company stock valued at $12,686,176. 5.60% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Cognex Corporation by 3.5% during the 2nd quarter. BlackRock Inc. now owns 6,887,038 shares of the scientific and technical instruments company’s stock worth $584,711,000 after purchasing an additional 231,014 shares in the last quarter. Vanguard Group Inc. increased its position in Cognex Corporation by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 6,734,216 shares of the scientific and technical instruments company’s stock worth $571,735,000 after purchasing an additional 159,355 shares in the last quarter. Ameriprise Financial Inc. increased its position in Cognex Corporation by 126.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,342,312 shares of the scientific and technical instruments company’s stock worth $198,864,000 after purchasing an additional 1,309,047 shares in the last quarter. State Street Corp increased its position in Cognex Corporation by 2.2% during the 2nd quarter. State Street Corp now owns 2,169,073 shares of the scientific and technical instruments company’s stock worth $184,153,000 after purchasing an additional 45,840 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in Cognex Corporation by 9.0% during the 1st quarter. OppenheimerFunds Inc. now owns 1,801,467 shares of the scientific and technical instruments company’s stock worth $151,233,000 after purchasing an additional 148,004 shares in the last quarter. Institutional investors and hedge funds own 87.30% of the company’s stock.

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About Cognex Corporation

Cognex Corporation (Cognex) is a provider of machine vision products that capture and analyze visual information in order to automate tasks, primarily in manufacturing processes, where vision is required. The Company operates through the machine vision technology segment. The Company’s machine vision products are used to automate the manufacture and tracking of discrete items, such as mobile phones, aspirin bottles and automobile tires, by locating, identifying, inspecting and measuring them during the manufacturing or distribution process.

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