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Manufacturers’ Life Insurance Company cut its position at Cognex (NASDAQ:CGNX – Get Rating) by 4.1% in the third quarter, according to its latest Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 141,200 shares in the tech equipment company after selling 6,113 of his shares during the quarter. Manufacturers’ Life Insurance Company said at the end of the most recent quarter he owned approximately 0.08% of Cognex stock worth $5,853,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Tobam bought a new stake in his Cognex for about $30,000 in the second quarter. Pinnacle Financial Partners Inc. In the third quarter he bought a new position in Cognex worth about $48,000. Wipfli Financial Advisors LLC purchased a new Cognex position worth approximately $48,000 in the third quarter. Wagner Wealth Management LLC purchased a new Cognex position worth approximately $55,000 in the second quarter. Finally, First Horizon Advisors Inc. increased its Cognex position by 183.6% in the second quarter. First Horizon Advisors Inc. now owns 1,554 shares of the tech equipment company worth $66,000 after acquiring an additional 1,006 shares during the previous quarter. 91.24% of the shares are owned by hedge funds and other institutional investors.
Wall Street Analyst Predicts Growth
Many brokerages have commented on CGNX. Raymond James lowered his price target on Cognex stock from his $75.00 to his $65.00 in a research report on Sunday, November 6. Needham & Company LLC raised its price target on Cognex stock from his $52.00 to $54.00, giving the company a “buy” rating in its research report on Friday, November 4. Cowen lowered his valuation on Cognex stock from “outperform” to “market perform” and his price target from $55.00 to $50.00 in his report on Tuesday, Nov. 22. Morgan Stanley downgraded Cognex’s rating from ‘evenly weighted’ to ‘underweighted’ and lowered its price target from $41.00 to $40.00 in his Tuesday, January 17 research notes. Finally, StockNews.com kicked off his Cognex coverage on Wednesday, October 12th in his investigative note. They issued a “pending” rating to the company. Four analysts issued sell ratings, five analysts hold ratings, two analysts issued buy ratings, and one analyst issued strong buy ratings on the company’s stock. According to MarketBeat data, Cognex has an average valuation of “pending” and an average target price of $51.92.
Cognex price/performance ratio
CGNX shares opened at $52.74 on Monday. The stock has a market cap of $9.12 billion, a price/earnings ratio of 43.59 and a beta of 1.56. Cognex Co. has a one-year low of $40.21 and a one-year high of $80.30. His 50-day simple moving average for this business is $49.68 and his 200-day simple moving average is $46.92.
Cognex (NASDAQ:CGNX – Get Rating) last published quarterly earnings data on Thursday, November 3rd. Technological equipment companies reported earnings per share (EPS) of $0.21 for the quarter, beating consensus expectations of $0.06 by $0.15. The business generated $209.62 million in revenue for the quarter, compared to analyst expectations of $197.24 million. Cognex had a return on equity of 16.89% and a net profit margin of 21.15%. On average, sell-side analysts expect Cognex Co. to bring his earnings per share to 1.07 this year.
Cognex Increases Dividend
The business recently announced a quarterly dividend, which was paid out on Friday, December 2nd. Shareholders of record on Friday, November 18 were awarded a dividend of $0.07 per share. The ex-dividend date was Thursday, November 17. This represents an annualized dividend of $0.28 and a dividend yield of 0.53%. This is up from Cognex’s previous quarterly dividend of $0.07. Cognex’s current payout percentage is 23.14%.
Insider activity
In other news, Director Theodor Krantz sold 52,000 shares of the company in a transaction that took place on Monday, December 12th. The shares sold for an average of $50.00 and the total trading value he had was $2,600,000.00. Following the transaction, the directors now own 36,108 shares of the Company’s stock valued at approximately $1,805,400. The transaction was disclosed in SEC filings that can be accessed through the SEC’s website. A corporate insider owns his 4.10% of the company’s shares.
Cognex Profile
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Cognex Corp. is a provider of machine vision technology. The company’s products are used to automate the manufacturing and tracking of individual items such as mobile phones, aspirin bottles and car tires, identifying, identifying, inspecting and measuring them during the manufacturing or distribution process.
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Want to know other hedge funds holding CGNX? Visit HoldingsChannel.com to get the latest Cognex Co. (NASDAQ:CGNX – Get Rating) 13F filings and insider trading.
This instant news alert was generated by Narrative Science Technology and MarketBeat financial data to provide our readers with the fastest and most accurate reporting. This article was reviewed by MarketBeat’s editorial team prior to publication. Send any questions or comments about this story to contact@marketbeat.com.
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