Cognex (CGNX) Stock Price Down 8.6%

Cognex Co. (NASDAQ:CGNX) shares fell 8.6% during trading on Tuesday . The stock traded as low as $63.15 and last traded at $63.31. 3,767,100 shares changed hands during trading, an increase of 140% from the average session volume of 1,568,859 shares. The stock had previously closed at $69.25.

CGNX has been the topic of several research analyst reports. Canaccord Genuity boosted their price objective on shares of Cognex from $47.50 to $60.00 and gave the company a “hold” rating in a report on Tuesday, October 31st. Wolfe Research upgraded shares of Cognex from a “market perform” rating to an “outperform” rating in a report on Monday, August 14th. Zacks Investment Research upgraded shares of Cognex from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a report on Wednesday, November 1st. BidaskClub lowered shares of Cognex from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Robert W. Baird boosted their price objective on shares of Cognex from $50.00 to $62.00 and gave the company a “neutral” rating in a report on Tuesday, October 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $56.86.

The firm has a market cap of $10,940.00, a price-to-earnings ratio of 46.41 and a beta of 1.50.

Cognex (NASDAQ:CGNX) last issued its quarterly earnings results on Monday, October 30th. The scientific and technical instruments company reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.05. The company had revenue of $259.74 million for the quarter, compared to analyst estimates of $255.95 million. Cognex had a net margin of 34.77% and a return on equity of 23.31%. The business’s revenue for the quarter was up 75.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 earnings per share. equities analysts anticipate that Cognex Co. will post 1.39 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were paid a dividend of $0.045 per share. The ex-dividend date was Thursday, November 16th. This represents a $0.18 dividend on an annualized basis and a yield of 0.28%. Cognex’s dividend payout ratio (DPR) is presently 13.24%.

In other Cognex news, Director Jeffrey Benjamin Miller sold 7,500 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $124.23, for a total transaction of $931,725.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Patrick Alias sold 5,000 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $143.54, for a total transaction of $717,700.00. The disclosure for this sale can be found here. Insiders have sold 148,750 shares of company stock worth $19,097,525 over the last quarter. Insiders own 5.60% of the company’s stock.

A number of large investors have recently modified their holdings of CGNX. Ameriprise Financial Inc. increased its stake in Cognex by 126.7% during the second quarter. Ameriprise Financial Inc. now owns 2,342,312 shares of the scientific and technical instruments company’s stock worth $198,864,000 after purchasing an additional 1,309,047 shares during the period. Coatue Management LLC acquired a new position in shares of Cognex during the second quarter worth about $87,064,000. Harding Loevner LP grew its position in shares of Cognex by 50.1% during the third quarter. Harding Loevner LP now owns 2,835,891 shares of the scientific and technical instruments company’s stock worth $135,890,000 after buying an additional 947,119 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of Cognex during the second quarter worth about $31,281,000. Finally, Whale Rock Capital Management LLC grew its position in shares of Cognex by 124.9% during the third quarter. Whale Rock Capital Management LLC now owns 451,928 shares of the scientific and technical instruments company’s stock worth $49,839,000 after buying an additional 250,946 shares in the last quarter. Institutional investors own 84.25% of the company’s stock.

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About Cognex

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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