Welch & Forbes LLC Has $24.47 Million Position in Cognex Co. (NASDAQ:CGNX)

Welch & Forbes LLC grew its stake in shares of Cognex Co. (NASDAQ:CGNXGet Rating) by 2.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 317,130 shares of the scientific and technical instruments company’s stock after buying an additional 7,160 shares during the period. Welch & Forbes LLC owned approximately 0.18% of Cognex worth $24,467,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Cognex by 1.5% during the fourth quarter. BlackRock Inc. now owns 19,214,328 shares of the scientific and technical instruments company’s stock valued at $1,494,108,000 after buying an additional 288,272 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Cognex by 11.7% in the fourth quarter. Alliancebernstein L.P. now owns 5,931,739 shares of the scientific and technical instruments company’s stock valued at $461,252,000 after buying an additional 619,196 shares during the period. State Street Corp lifted its holdings in Cognex by 2.5% in the fourth quarter. State Street Corp now owns 5,733,132 shares of the scientific and technical instruments company’s stock valued at $445,808,000 after buying an additional 141,965 shares during the period. Nordea Investment Management AB lifted its holdings in Cognex by 2.6% in the fourth quarter. Nordea Investment Management AB now owns 3,349,981 shares of the scientific and technical instruments company’s stock valued at $261,248,000 after buying an additional 85,293 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Cognex by 16.4% in the fourth quarter. Geode Capital Management LLC now owns 2,621,724 shares of the scientific and technical instruments company’s stock valued at $203,596,000 after buying an additional 369,689 shares during the period. 88.85% of the stock is owned by institutional investors and hedge funds.

Shares of Cognex stock opened at $42.38 on Tuesday. Cognex Co. has a 12-month low of $41.69 and a 12-month high of $92.17. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 28.05 and a beta of 1.63. The company’s 50-day moving average price is $49.64 and its 200-day moving average price is $63.06.

Cognex (NASDAQ:CGNXGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The scientific and technical instruments company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cognex had a net margin of 25.67% and a return on equity of 19.48%. The business had revenue of $282.40 million for the quarter, compared to analysts’ expectations of $277.23 million. During the same period last year, the business earned $0.39 earnings per share. The business’s quarterly revenue was up 18.2% on a year-over-year basis. As a group, equities research analysts expect that Cognex Co. will post 1.52 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 3rd. Shareholders of record on Friday, May 20th were given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 0.61%. The ex-dividend date was Thursday, May 19th. Cognex’s dividend payout ratio is currently 16.77%.

In other Cognex news, Director Dianne M. Parrotte bought 3,000 shares of the firm’s stock in a transaction on Thursday, May 12th. The stock was acquired at an average price of $46.00 per share, with a total value of $138,000.00. Following the transaction, the director now owns 3,608 shares in the company, valued at $165,968. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.10% of the company’s stock.

Several equities research analysts have recently issued reports on CGNX shares. UBS Group lowered their price objective on shares of Cognex from $80.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, May 26th. Raymond James decreased their target price on shares of Cognex from $90.00 to $80.00 in a research report on Thursday, June 9th. Cowen cut their target price on shares of Cognex from $95.00 to $75.00 in a research note on Tuesday, May 10th. Cowen cut their target price on shares of Cognex from $95.00 to $75.00 in a research note on Tuesday, May 10th. Finally, The Goldman Sachs Group dropped their price objective on shares of Cognex from $59.00 to $41.00 and set a “sell” rating for the company in a research note on Thursday, June 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cognex presently has an average rating of “Hold” and a consensus target price of $71.18.

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.

Further Reading

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Institutional Ownership by Quarter for Cognex (NASDAQ:CGNX)

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