Cognex Corporation (NASDAQ:CGNX) released its earnings results on Monday, July 31st. The scientific and technical instruments company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.08, Bloomberg Earnings reports. The business 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 company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 earnings per share.
Shares of Cognex Corporation (NASDAQ:CGNX) opened at 101.53 on Friday. Cognex Corporation has a 12 month low of $47.25 and a 12 month high of $110.69. The firm has a 50 day moving average of $95.18 and a 200-day moving average of $86.67. The stock has a market capitalization of $8.79 billion, a P/E ratio of 46.38 and a beta of 1.43.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a $0.085 dividend. This represents a $0.34 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Wednesday, August 16th. Cognex Corporation’s dividend payout ratio is presently 15.60%.
In other Cognex Corporation news, Director Jerry A. Schneider sold 5,000 shares of the business’s stock in a transaction 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 sale, the director now owns 6,000 shares in the company, valued at $616,020. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Willett sold 66,759 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $104.58, for a total transaction of $6,981,656.22. Following the sale, the chief executive officer now owns 9,468 shares of the company’s stock, valued at approximately $990,163.44. The disclosure for this sale can be found here. In the last quarter, insiders have sold 114,009 shares of company stock valued at $11,811,786. 5.60% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Segantii Capital Management Ltd purchased a new position in Cognex Corporation during the first quarter valued at approximately $101,000. Daiwa Securities Group Inc. purchased a new position in Cognex Corporation during the second quarter valued at approximately $102,000. IFP Advisors Inc raised its position in Cognex Corporation by 172.3% in the first quarter. IFP Advisors Inc now owns 1,307 shares of the scientific and technical instruments company’s stock valued at $110,000 after buying an additional 827 shares in the last quarter. Fifth Third Bancorp raised its position in Cognex Corporation by 69.9% in the first quarter. Fifth Third Bancorp now owns 1,580 shares of the scientific and technical instruments company’s stock valued at $133,000 after buying an additional 650 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Cognex Corporation during the second quarter valued at approximately $135,000. Institutional investors and hedge funds own 87.46% of the company’s stock.
Several research firms have weighed in on CGNX. BidaskClub upgraded shares of Cognex Corporation from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Cowen and Company decreased their price objective on shares of Cognex Corporation from $100.00 to $90.00 and set an “outperform” rating on the stock in a report on Tuesday, May 2nd. Zacks Investment Research upgraded shares of Cognex Corporation from a “hold” rating to a “buy” rating and set a $95.00 price objective on the stock in a report on Tuesday, July 4th. Finally, Wolfe Research assumed coverage on shares of Cognex Corporation in a report on Tuesday, July 11th. They issued a “peer perform” rating on the stock. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $82.75.
Cognex Corporation announced that its Board of Directors has approved a share buyback plan on Monday, May 1st that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the scientific and technical instruments company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
Cognex Corporation Company Profile
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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