Tirschwell & Loewy Inc. trimmed its position in Cognex Co. (NASDAQ:CGNX) by 0.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 739,610 shares of the scientific and technical instruments company’s stock after selling 2,065 shares during the period. Cognex accounts for 5.2% of Tirschwell & Loewy Inc.’s portfolio, making the stock its 2nd biggest position. Tirschwell & Loewy Inc. owned approximately 0.43% of Cognex worth $41,285,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Capital Analysts LLC raised its stake in shares of Cognex by 1,180.6% in the second quarter. Capital Analysts LLC now owns 2,305 shares of the scientific and technical instruments company’s stock worth $103,000 after buying an additional 2,125 shares during the period. CAPROCK Group Inc. bought a new stake in Cognex during the 3rd quarter valued at approximately $221,000. Eastern Bank bought a new stake in Cognex during the 2nd quarter valued at approximately $223,000. Chatham Capital Group Inc. bought a new stake in Cognex during the 3rd quarter valued at approximately $232,000. Finally, Advisor Partners LLC raised its stake in Cognex by 26.6% during the 2nd quarter. Advisor Partners LLC now owns 5,418 shares of the scientific and technical instruments company’s stock valued at $242,000 after purchasing an additional 1,140 shares during the period. 91.02% of the stock is currently owned by institutional investors.
Shares of CGNX traded down $2.34 during trading hours on Wednesday, hitting $45.01. The company had a trading volume of 1,743,306 shares, compared to its average volume of 1,301,570. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 31.04, a PEG ratio of 2.63 and a beta of 1.90. Cognex Co. has a one year low of $36.16 and a one year high of $70.00.
Cognex (NASDAQ:CGNX) last released its quarterly earnings results on Monday, October 29th. The scientific and technical instruments company reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.08. Cognex had a return on equity of 20.88% and a net margin of 18.52%. The firm had revenue of $232.22 million during the quarter, compared to analyst estimates of $227.15 million. During the same period in the previous year, the company posted $1.14 EPS. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, research analysts forecast that Cognex Co. will post 1.2 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Friday, November 16th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.44%. This is an increase from Cognex’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Thursday, November 15th. Cognex’s payout ratio is 13.79%.
Cognex announced that its board has authorized a stock buyback plan on Monday, October 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the scientific and technical instruments company to reacquire up to 2.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
CGNX has been the topic of several recent analyst reports. Morgan Stanley assumed coverage on Cognex in a research note on Monday, August 20th. They set an “equal weight” rating and a $57.00 target price on the stock. Northcoast Research cut Cognex from a “buy” rating to a “neutral” rating and set a $54.00 target price for the company. in a report on Friday, August 24th. They noted that the move was a valuation call. Zacks Investment Research cut Cognex from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. BidaskClub raised Cognex from a “sell” rating to a “hold” rating in a research note on Tuesday, September 11th. Finally, DA Davidson initiated coverage on Cognex in a research note on Tuesday, October 2nd. They set a “neutral” rating and a $57.00 price target for the company. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. Cognex currently has an average rating of “Hold” and an average price target of $51.76.
In other Cognex news, Director Anthony Sun sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $56.04, for a total transaction of $560,400.00. Following the sale, the director now owns 264,262 shares in the company, valued at approximately $14,809,242.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Jerry A. Schneider sold 5,000 shares of the business’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $54.29, for a total value of $271,450.00. Following the sale, the director now owns 7,000 shares in the company, valued at approximately $380,030. The disclosure for this sale can be found here. 5.40% of the stock is owned by insiders.
Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing 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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