Cognex (NASDAQ:CGNX) Cut to Underweight at Morgan Stanley

Morgan Stanley downgraded shares of Cognex (NASDAQ:CGNX) from an equal weight rating to an underweight rating in a research note released on Monday, BenzingaRatingsTable reports. They currently have $36.00 price target on the scientific and technical instruments company’s stock, down from their prior price target of $42.00.

A number of other equities research analysts have also weighed in on the stock. BidaskClub raised shares of Cognex from a sell rating to a hold rating in a report on Friday, March 20th. Zacks Investment Research raised shares of Cognex from a sell rating to a hold rating in a report on Thursday, February 20th. ValuEngine raised shares of Cognex from a sell rating to a hold rating in a report on Tuesday, February 18th. TheStreet lowered shares of Cognex from a b- rating to a c+ rating in a report on Thursday, March 12th. Finally, UBS Group assumed coverage on shares of Cognex in a report on Thursday, December 12th. They set a neutral rating and a $52.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $49.20.

Shares of Cognex stock traded up $3.92 during midday trading on Monday, hitting $46.83. 1,678,470 shares of the company traded hands, compared to its average volume of 1,250,516. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of 40.03 and a beta of 1.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.54 and a current ratio of 5.04. The firm’s fifty day moving average price is $47.29 and its 200-day moving average price is $50.99. Cognex has a 12 month low of $35.20 and a 12 month high of $59.14.

Cognex (NASDAQ:CGNX) last posted its earnings results on Thursday, February 13th. The scientific and technical instruments company reported $0.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.02). Cognex had a return on equity of 16.39% and a net margin of 28.09%. The business had revenue of $169.77 million for the quarter, compared to the consensus estimate of $161.20 million. Equities research analysts forecast that Cognex will post 0.73 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Stockholders of record on Friday, February 28th were given a $0.055 dividend. The ex-dividend date was Thursday, February 27th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.47%. Cognex’s dividend payout ratio (DPR) is currently 18.97%.

In other news, Director Jerry A. Schneider sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $51.33, for a total value of $615,960.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $513,300. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Picton Mahoney Asset Management lifted its position in shares of Cognex by 1.1% during the 4th quarter. Picton Mahoney Asset Management now owns 18,300 shares of the scientific and technical instruments company’s stock valued at $1,026,000 after acquiring an additional 200 shares during the period. IFM Investors Pty Ltd lifted its position in shares of Cognex by 1.3% during the 4th quarter. IFM Investors Pty Ltd now owns 18,950 shares of the scientific and technical instruments company’s stock valued at $1,062,000 after acquiring an additional 238 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Cognex by 2.7% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 10,566 shares of the scientific and technical instruments company’s stock valued at $592,000 after acquiring an additional 278 shares during the period. Louisiana State Employees Retirement System lifted its position in shares of Cognex by 0.7% during the 4th quarter. Louisiana State Employees Retirement System now owns 41,300 shares of the scientific and technical instruments company’s stock valued at $2,314,000 after acquiring an additional 300 shares during the period. Finally, FUKOKU MUTUAL LIFE INSURANCE Co lifted its position in shares of Cognex by 14.9% during the 4th quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 2,320 shares of the scientific and technical instruments company’s stock valued at $130,000 after acquiring an additional 300 shares during the period. Hedge funds and other institutional investors own 93.07% of the company’s stock.

Cognex Company Profile

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. It provides machine vision products, which are used to automate the manufacture 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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Analyst Recommendations for Cognex (NASDAQ:CGNX)

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