Cognex (NASDAQ:CGNX) Shares Gap Up on Earnings Beat

Cognex Co. (NASDAQ:CGNX)’s stock price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $40.46, but opened at $43.39. Cognex shares last traded at $42.89, with a volume of 426,279 shares trading hands.

The scientific and technical instruments company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.03. Cognex had a net margin of 10.10% and a return on equity of 5.34%. The company had revenue of $234.74 million for the quarter, compared to analysts’ expectations of $229.86 million.

Cognex Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Thursday, November 14th will be issued a $0.08 dividend. This is an increase from Cognex’s previous quarterly dividend of $0.08. This represents a $0.32 annualized dividend and a dividend yield of 0.79%. The ex-dividend date is Thursday, November 14th. Cognex’s dividend payout ratio is 61.54%.

Analyst Ratings Changes

Several brokerages recently issued reports on CGNX. Stephens upgraded Cognex from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $45.00 to $55.00 in a research report on Wednesday, October 16th. Vertical Research began coverage on shares of Cognex in a research report on Tuesday, July 23rd. They set a “buy” rating and a $58.00 price objective for the company. The Goldman Sachs Group cut their price objective on shares of Cognex from $45.00 to $39.00 and set a “sell” rating on the stock in a research report on Friday, August 2nd. StockNews.com upgraded Cognex from a “sell” rating to a “hold” rating in a report on Friday, August 9th. Finally, Robert W. Baird dropped their price target on Cognex from $46.00 to $42.00 and set a “neutral” rating on the stock in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cognex presently has an average rating of “Moderate Buy” and an average target price of $49.17.

Insider Transactions at Cognex

In related news, Director Dianne M. Parrotte bought 2,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were acquired at an average price of $38.62 per share, with a total value of $77,240.00. Following the completion of the transaction, the director now owns 11,340 shares in the company, valued at $437,950.80. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Dianne M. Parrotte purchased 2,000 shares of Cognex stock in a transaction that occurred on Wednesday, August 7th. The stock was purchased at an average cost of $38.62 per share, with a total value of $77,240.00. Following the completion of the transaction, the director now owns 11,340 shares of the company’s stock, valued at approximately $437,950.80. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Dennis Fehr purchased 6,570 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was bought at an average price of $38.04 per share, with a total value of $249,922.80. Following the completion of the purchase, the chief financial officer now owns 6,570 shares of the company’s stock, valued at approximately $249,922.80. The disclosure for this purchase can be found here. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Cognex

A number of institutional investors have recently added to or reduced their stakes in CGNX. Riverview Trust Co acquired a new stake in Cognex in the third quarter valued at $25,000. BI Asset Management Fondsmaeglerselskab A S lifted its stake in Cognex by 303.1% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 770 shares of the scientific and technical instruments company’s stock valued at $33,000 after purchasing an additional 579 shares during the last quarter. GAMMA Investing LLC grew its holdings in Cognex by 276.1% during the second quarter. GAMMA Investing LLC now owns 1,087 shares of the scientific and technical instruments company’s stock worth $51,000 after purchasing an additional 798 shares during the period. Point72 Hong Kong Ltd acquired a new position in Cognex during the second quarter worth approximately $55,000. Finally, Signaturefd LLC increased its position in Cognex by 43.2% during the second quarter. Signaturefd LLC now owns 1,704 shares of the scientific and technical instruments company’s stock worth $80,000 after buying an additional 514 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors and hedge funds.

Cognex Stock Up 0.4 %

The firm has a 50 day simple moving average of $39.38 and a 200-day simple moving average of $42.91. The stock has a market cap of $6.93 billion, a P/E ratio of 76.21 and a beta of 1.41.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information 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, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process.