Cognex Co. (CGNX) Position Trimmed by State Treasurer State of Michigan

State Treasurer State of Michigan reduced its stake in Cognex Co. (NASDAQ:CGNX) by 0.8% during the first quarter, HoldingsChannel reports. The firm owned 60,900 shares of the scientific and technical instruments company’s stock after selling 500 shares during the period. State Treasurer State of Michigan’s holdings in Cognex were worth $3,097,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Osborn Williams & Donohoe LLC purchased a new stake in Cognex in the first quarter valued at approximately $33,000. Liberty Wealth Management LLC bought a new position in Cognex during the fourth quarter valued at approximately $25,000. Ruggie Capital Group bought a new position in Cognex during the fourth quarter valued at approximately $27,000. Executive Wealth Management LLC bought a new position in Cognex during the fourth quarter valued at approximately $27,000. Finally, Advisory Services Network LLC grew its position in Cognex by 223.0% during the fourth quarter. Advisory Services Network LLC now owns 772 shares of the scientific and technical instruments company’s stock valued at $30,000 after acquiring an additional 533 shares during the last quarter. 97.20% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cognex stock opened at $44.01 on Friday. Cognex Co. has a 52-week low of $34.88 and a 52-week high of $59.18. The company has a market capitalization of $7.55 billion, a PE ratio of 35.49, a PEG ratio of 2.89 and a beta of 1.95.

Cognex (NASDAQ:CGNX) last issued its earnings results on Monday, April 29th. The scientific and technical instruments company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. Cognex had a net margin of 26.55% and a return on equity of 18.90%. The firm had revenue of $173.50 million for the quarter, compared to analysts’ expectations of $172.16 million. During the same quarter last year, the business earned $0.21 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. On average, research analysts forecast that Cognex Co. will post 1.02 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Friday, May 17th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Thursday, May 16th. Cognex’s dividend payout ratio is 16.13%.

In other news, Director Theodor Krantz sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 26th. The shares were sold at an average price of $53.18, for a total value of $1,595,400.00. Following the transaction, the director now owns 52,500 shares in the company, valued at $2,791,950. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John J. Curran sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $49.01, for a total transaction of $2,450,500.00. Following the completion of the transaction, the insider now owns 12,500 shares in the company, valued at approximately $612,625. The disclosure for this sale can be found here. 5.60% of the stock is currently owned by company insiders.

A number of research analysts have commented on CGNX shares. Zacks Investment Research upgraded shares of Cognex from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research report on Wednesday, April 17th. BidaskClub cut shares of Cognex from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 7th. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target (up from $47.00) on shares of Cognex in a research report on Tuesday, February 12th. Gordon Haskett started coverage on shares of Cognex in a research report on Wednesday, April 17th. They set a “hold” rating and a $54.00 price target on the stock. Finally, ValuEngine upgraded shares of Cognex from a “sell” rating to a “hold” rating in a research report on Monday, February 25th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. Cognex presently has a consensus rating of “Hold” and a consensus target price of $52.20.

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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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Institutional Ownership by Quarter for Cognex (NASDAQ:CGNX)

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