Cognex (NASDAQ:CGNX) Upgraded to Buy at HSBC

HSBC upgraded shares of Cognex (NASDAQ:CGNX) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, MarketBeat reports. The brokerage currently has $52.00 price objective on the scientific and technical instruments company’s stock.

Other analysts have also issued reports about the company. Needham & Company LLC lifted their price target on Cognex from $46.00 to $48.00 and gave the stock a buy rating in a research note on Friday, May 3rd. Truist Financial reaffirmed a buy rating and set a $50.00 target price (up previously from $47.00) on shares of Cognex in a research note on Tuesday. Citigroup increased their target price on shares of Cognex from $41.00 to $43.00 and gave the company a neutral rating in a research report on Monday, April 8th. Robert W. Baird boosted their price target on shares of Cognex from $40.00 to $44.00 and gave the stock a neutral rating in a research report on Friday, May 3rd. Finally, Stephens increased their price objective on shares of Cognex from $40.00 to $45.00 and gave the company an equal weight rating in a report on Friday, May 3rd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Cognex presently has an average rating of Hold and an average price target of $49.15.

Cognex Stock Performance

Shares of NASDAQ CGNX opened at $45.90 on Tuesday. The firm has a market cap of $7.88 billion, a PE ratio of 79.14 and a beta of 1.48. Cognex has a one year low of $34.28 and a one year high of $59.51. The firm has a fifty day moving average of $40.93 and a 200 day moving average of $39.02.

Cognex (NASDAQ:CGNX) last released its quarterly earnings results on Thursday, February 15th. The scientific and technical instruments company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.04. The firm had revenue of $196.70 million during the quarter, compared to the consensus estimate of $189.16 million. Cognex had a net margin of 11.76% and a return on equity of 6.81%. The company’s revenue for the quarter was down 17.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.27 EPS. On average, equities analysts predict that Cognex will post 0.44 EPS for the current fiscal year.

Cognex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Stockholders of record on Thursday, May 16th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.65%. The ex-dividend date of this dividend is Wednesday, May 15th. Cognex’s dividend payout ratio (DPR) is presently 51.72%.

Insider Transactions at Cognex

In related news, EVP Carl Gerst sold 6,782 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $40.54, for a total value of $274,942.28. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Cognex

A number of institutional investors and hedge funds have recently made changes to their positions in CGNX. Robeco Institutional Asset Management B.V. raised its position in Cognex by 92.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 28,993 shares of the scientific and technical instruments company’s stock valued at $1,230,000 after purchasing an additional 13,906 shares during the period. Raymond James & Associates raised its holdings in shares of Cognex by 4.7% in the 3rd quarter. Raymond James & Associates now owns 252,116 shares of the scientific and technical instruments company’s stock valued at $10,700,000 after buying an additional 11,400 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in Cognex by 8.3% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 171,477 shares of the scientific and technical instruments company’s stock worth $7,278,000 after acquiring an additional 13,213 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in Cognex during the 3rd quarter valued at about $213,000. Finally, Strs Ohio acquired a new position in Cognex in the 3rd quarter valued at about $967,000. 88.12% of the stock is owned by hedge funds and other institutional investors.

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.