Cowen Trims Cognex (NASDAQ:CGNX) Target Price to $55.00

Cognex (NASDAQ:CGNXGet Rating) had its price objective decreased by Cowen from $75.00 to $55.00 in a research report sent to investors on Wednesday, Benzinga reports. Cowen currently has an outperform rating on the scientific and technical instruments company’s stock.

Several other research firms have also recently weighed in on CGNX. Sanford C. Bernstein raised shares of Cognex from a market perform rating to an outperform rating and set a $65.00 price target on the stock in a report on Wednesday. Raymond James lowered their price target on shares of Cognex from $90.00 to $80.00 in a report on Thursday, June 9th. Needham & Company LLC lowered their price target on shares of Cognex from $80.00 to $60.00 and set a buy rating on the stock in a report on Monday, August 1st. UBS Group lowered their price target on shares of Cognex from $80.00 to $50.00 and set a neutral rating on the stock in a report on Thursday, May 26th. Finally, TheStreet cut shares of Cognex from a b- rating to a c+ rating in a report on Tuesday, May 24th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Cognex has a consensus rating of Hold and a consensus price target of $62.00.

Cognex Stock Performance

Shares of NASDAQ:CGNX opened at $47.94 on Wednesday. Cognex has a 52-week low of $41.69 and a 52-week high of $92.17. The company has a market capitalization of $8.31 billion, a P/E ratio of 32.84 and a beta of 1.66. The company has a 50-day simple moving average of $46.04 and a 200 day simple moving average of $58.56.

Cognex (NASDAQ:CGNXGet Rating) last issued its earnings results on Tuesday, August 2nd. The scientific and technical instruments company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.05. Cognex had a net margin of 23.82% and a return on equity of 19.19%. During the same period in the prior year, the company posted $0.43 earnings per share. As a group, equities analysts forecast that Cognex will post 1.48 earnings per share for the current year.

Cognex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be given a dividend of $0.065 per share. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $0.26 annualized dividend and a dividend yield of 0.54%. Cognex’s dividend payout ratio is 17.81%.

Insider Buying and Selling

In other news, Director Dianne M. Parrotte purchased 3,000 shares of Cognex stock in a transaction that occurred on Thursday, May 12th. The shares were acquired at an average price of $46.00 per share, for a total transaction of $138,000.00. Following the transaction, the director now owns 3,608 shares of the company’s stock, valued at approximately $165,968. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.10% of the stock is currently owned by company insiders.

Institutional Trading of Cognex

Large investors have recently made changes to their positions in the company. CIBC Asset Management Inc boosted its position in shares of Cognex by 11.9% during the 4th quarter. CIBC Asset Management Inc now owns 8,456 shares of the scientific and technical instruments company’s stock worth $658,000 after acquiring an additional 901 shares in the last quarter. Artemis Investment Management LLP boosted its position in Cognex by 15.6% in the first quarter. Artemis Investment Management LLP now owns 376,417 shares of the scientific and technical instruments company’s stock valued at $28,989,000 after buying an additional 50,781 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Cognex by 12.1% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 763,795 shares of the scientific and technical instruments company’s stock valued at $59,785,000 after buying an additional 82,387 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cognex by 2.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 984,006 shares of the scientific and technical instruments company’s stock valued at $76,516,000 after buying an additional 26,799 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Cognex by 135.9% in the first quarter. SG Americas Securities LLC now owns 107,396 shares of the scientific and technical instruments company’s stock valued at $8,286,000 after buying an additional 61,869 shares in the last quarter. Institutional investors and hedge funds own 88.85% of the company’s stock.

Cognex Company Profile

(Get Rating)

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing 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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