Glen Harbor Capital Management LLC lifted its holdings in shares of Cognex Co. (NASDAQ:CGNX) by 3.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 71,540 shares of the scientific and technical instruments company’s stock after acquiring an additional 2,352 shares during the quarter. Glen Harbor Capital Management LLC’s holdings in Cognex were worth $3,432,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of CGNX. NEXT Financial Group Inc boosted its stake in Cognex by 1,081.8% in the 2nd quarter. NEXT Financial Group Inc now owns 520 shares of the scientific and technical instruments company’s stock valued at $25,000 after purchasing an additional 476 shares during the period. Bremer Bank National Association bought a new stake in shares of Cognex during the 1st quarter valued at $27,000. Huntington National Bank lifted its position in shares of Cognex by 173.6% during the 2nd quarter. Huntington National Bank now owns 632 shares of the scientific and technical instruments company’s stock valued at $30,000 after acquiring an additional 401 shares during the period. Coastal Capital Group Inc. bought a new stake in shares of Cognex during the 2nd quarter valued at $38,000. Finally, Cornerstone Advisors Inc. lifted its position in shares of Cognex by 123.9% during the 1st quarter. Cornerstone Advisors Inc. now owns 1,001 shares of the scientific and technical instruments company’s stock valued at $51,000 after acquiring an additional 554 shares during the period. Institutional investors own 93.24% of the company’s stock.
In other Cognex news, Director Dianne M. Parrotte sold 900 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total value of $40,500.00. Following the completion of the transaction, the director now owns 19,700 shares of the company’s stock, valued at approximately $886,500. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.60% of the stock is owned by corporate insiders.
Cognex (NASDAQ:CGNX) last posted its quarterly earnings results on Monday, July 29th. The scientific and technical instruments company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.05. Cognex had a return on equity of 17.81% and a net margin of 26.03%. The company had revenue of $199.00 million during the quarter, compared to analysts’ expectations of $194.65 million. During the same quarter in the previous year, the firm earned $0.31 EPS. Cognex’s revenue was down 5.8% on a year-over-year basis. On average, research analysts forecast that Cognex Co. will post 0.86 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $0.05 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.20 dividend on an annualized basis and a yield of 0.40%. Cognex’s payout ratio is presently 16.13%.
A number of research firms have recently weighed in on CGNX. BidaskClub upgraded Cognex from a “sell” rating to a “hold” rating in a research report on Friday, August 16th. ValuEngine cut Cognex from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Morgan Stanley lowered their price target on Cognex from $47.00 to $43.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Goldman Sachs Group cut Cognex from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $45.00 to $36.00 in a report on Tuesday, July 16th. Finally, Zacks Investment Research raised Cognex from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. Cognex presently has an average rating of “Hold” and an average price target of $50.22.
Cognex Company Profile
Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. It provides machine vision products, which are used to automate the manufacture 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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