Parallel Advisors LLC Cuts Position in Cognex Co. (NASDAQ:CGNX)

Parallel Advisors LLC reduced its position in shares of Cognex Co. (NASDAQ:CGNXFree Report) by 45.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,241 shares of the scientific and technical instruments company’s stock after selling 1,014 shares during the period. Parallel Advisors LLC’s holdings in Cognex were worth $52,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Cognex during the 4th quarter worth approximately $58,641,000. Nordea Investment Management AB increased its position in shares of Cognex by 156.5% during the fourth quarter. Nordea Investment Management AB now owns 2,065,693 shares of the scientific and technical instruments company’s stock worth $86,862,000 after acquiring an additional 1,260,282 shares during the period. Lazard Asset Management LLC raised its stake in shares of Cognex by 17.8% in the third quarter. Lazard Asset Management LLC now owns 5,536,355 shares of the scientific and technical instruments company’s stock valued at $234,962,000 after acquiring an additional 837,487 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Cognex in the fourth quarter valued at $12,417,000. Finally, GW&K Investment Management LLC grew its stake in Cognex by 15.6% during the 4th quarter. GW&K Investment Management LLC now owns 1,521,541 shares of the scientific and technical instruments company’s stock worth $63,509,000 after purchasing an additional 205,496 shares in the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.

Cognex Price Performance

Shares of NASDAQ:CGNX opened at $43.35 on Friday. Cognex Co. has a 1-year low of $34.28 and a 1-year high of $59.51. The stock has a market cap of $7.44 billion, a P/E ratio of 74.74 and a beta of 1.45. The firm has a fifty day moving average price of $43.44 and a 200 day moving average price of $40.64.

Cognex (NASDAQ:CGNXGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The scientific and technical instruments company reported $0.05 earnings per share (EPS) for the quarter. The firm had revenue of $210.80 million for the quarter, compared to analyst estimates of $198.14 million. Cognex had a return on equity of 6.81% and a net margin of 11.76%. Sell-side analysts expect that Cognex Co. will post 0.45 EPS for the current fiscal year.

Cognex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Stockholders of record on Thursday, May 16th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.69%. The ex-dividend date was Wednesday, May 15th. Cognex’s dividend payout ratio (DPR) is presently 51.72%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CGNX shares. Stephens lifted their price objective on Cognex from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. UBS Group raised shares of Cognex from a “neutral” rating to a “buy” rating and increased their price objective for the company from $42.00 to $54.00 in a research report on Tuesday, March 19th. Citigroup lifted their price objective on shares of Cognex from $41.00 to $43.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. HSBC upgraded Cognex from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Tuesday, May 7th. Finally, Truist Financial reiterated a “buy” rating and issued a $50.00 price objective (up previously from $47.00) on shares of Cognex in a report on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.15.

Read Our Latest Analysis on Cognex

Cognex Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cognex (NASDAQ:CGNX)

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