Cognex (NASDAQ:CGNX) Posts Quarterly Earnings Results

Cognex (NASDAQ:CGNX) issued its earnings results on Wednesday. The scientific and technical instruments company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.11 by $0.03, reports. The company had revenue of $234.74 million for the quarter, compared to analyst estimates of $229.86 million. Cognex had a net margin of 10.10% and a return on equity of 5.34%. Cognex updated its Q4 2024 guidance to EPS.

Cognex Price Performance

NASDAQ CGNX opened at $40.41 on Friday. Cognex has a 12 month low of $34.79 and a 12 month high of $53.13. The company has a market cap of $6.93 billion, a P/E ratio of 77.71 and a beta of 1.41. The company has a 50-day moving average of $39.39 and a 200-day moving average of $42.91.

Cognex Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.79%. This is an increase from Cognex’s previous quarterly dividend of $0.08. Cognex’s dividend payout ratio is currently 61.54%.

Analyst Ratings Changes

Several research firms have recently issued reports on CGNX. Stephens raised Cognex from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $45.00 to $55.00 in a research note on Wednesday, October 16th. The Goldman Sachs Group cut their price target on Cognex from $45.00 to $39.00 and set a “sell” rating for the company in a research note on Friday, August 2nd. Truist Financial cut their price target on Cognex from $55.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. DA Davidson cut their price target on Cognex from $41.00 to $39.00 and set a “neutral” rating for the company in a research note on Monday, August 5th. Finally, StockNews.com raised shares of Cognex from a “sell” rating to a “hold” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $49.17.

Insider Transactions at Cognex

In other news, Director Dianne M. Parrotte bought 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average price of $38.62 per share, for a total transaction of $77,240.00. Following the acquisition, the director now owns 11,340 shares of the company’s stock, valued at $437,950.80. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Dianne M. Parrotte bought 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average price of $38.62 per share, for a total transaction of $77,240.00. Following the acquisition, the director now owns 11,340 shares of the company’s stock, valued at $437,950.80. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Dennis Fehr bought 6,570 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average price of $38.04 per share, with a total value of $249,922.80. Following the acquisition, the chief financial officer now directly owns 6,570 shares in the company, 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

Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverview Trust Co purchased a new position in Cognex in the 3rd quarter worth approximately $25,000. BI Asset Management Fondsmaeglerselskab A S boosted its holdings 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 worth $33,000 after acquiring an additional 579 shares during the period. GAMMA Investing LLC boosted its holdings in Cognex by 276.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,087 shares of the scientific and technical instruments company’s stock worth $51,000 after acquiring an additional 798 shares during the period. Point72 Hong Kong Ltd purchased a new position in Cognex in the 2nd quarter worth approximately $55,000. Finally, Signaturefd LLC boosted its holdings in Cognex by 43.2% in the 2nd quarter. Signaturefd LLC now owns 1,704 shares of the scientific and technical instruments company’s stock worth $80,000 after acquiring an additional 514 shares during the period. Hedge funds and other institutional investors own 88.12% of the company’s stock.

About Cognex

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.