Cognex (NASDAQ:CGNX) Hits New 52-Week Low – Here’s What Happened

Cognex Co. (NASDAQ:CGNX)’s share price reached a new 52-week low on Friday . The stock traded as low as $29.87 and last traded at $29.90, with a volume of 316021 shares changing hands. The stock had previously closed at $30.74.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CGNX shares. HSBC downgraded Cognex from a “buy” rating to a “hold” rating and set a $33.00 price target on the stock. in a research note on Friday, February 21st. Hsbc Global Res cut Cognex from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 21st. Robert W. Baird cut their price target on shares of Cognex from $42.00 to $38.00 and set a “neutral” rating for the company in a report on Tuesday, February 18th. UBS Group dropped their price objective on Cognex from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Tuesday, February 18th. Finally, Needham & Company LLC cut their price target on Cognex from $47.00 to $41.00 and set a “buy” rating for the company in a report on Friday, February 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $44.83.

Cognex Price Performance

The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of 48.83 and a beta of 1.43. The firm’s fifty day moving average is $35.04 and its 200-day moving average is $37.56.

Cognex (NASDAQ:CGNX) last issued its earnings results on Wednesday, February 12th. The scientific and technical instruments company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Cognex had a net margin of 11.61% and a return on equity of 5.65%. On average, sell-side analysts expect that Cognex Co. will post 0.61 EPS for the current year.

Cognex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, February 27th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Thursday, February 27th. Cognex’s dividend payout ratio is currently 52.46%.

Insiders Place Their Bets

In other news, EVP Carl Gerst sold 6,803 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $32.73, for a total value of $222,662.19. Following the transaction, the executive vice president now directly owns 4,566 shares in the company, valued at approximately $149,445.18. This trade represents a 59.84 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cognex

Several institutional investors and hedge funds have recently bought and sold shares of CGNX. Advisors Asset Management Inc. raised its position in shares of Cognex by 123.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 714 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 394 shares during the period. SBI Securities Co. Ltd. bought a new stake in Cognex in the fourth quarter valued at $29,000. SRS Capital Advisors Inc. lifted its position in Cognex by 50.0% in the 4th quarter. SRS Capital Advisors Inc. now owns 885 shares of the scientific and technical instruments company’s stock valued at $32,000 after purchasing an additional 295 shares during the last quarter. Truvestments Capital LLC bought a new stake in shares of Cognex during the third quarter valued at approximately $36,000. Finally, CBIZ Investment Advisory Services LLC raised its stake in Cognex by 129.9% during the 4th quarter. CBIZ Investment Advisory Services LLC now owns 1,007 shares of the scientific and technical instruments company’s stock valued at $36,000 after acquiring an additional 569 shares in the last quarter. Institutional investors and hedge funds own 88.12% of the company’s stock.

About Cognex

Cognex Corporation provides machine vision products that capture and analyze visual information 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, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.