PNC Financial Services Group Inc. Grows Stake in Cognex Co. (NASDAQ:CGNX)

Posted by Defense World Staff on Jun 2nd, 2023

PNC Financial Services Group Inc. grew its position in Cognex Co. (NASDAQ:CGNX – Get Rating) by 1.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,500 shares of the scientific and technical instruments company’s stock after purchasing an additional 309 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cognex were worth $777,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CGNX. Baillie Gifford & Co. acquired a new stake in shares of Cognex during the fourth quarter worth $49,564,000. Lazard Asset Management LLC lifted its stake in shares of Cognex by 25.4% during the third quarter. Lazard Asset Management LLC now owns 4,365,212 shares of the scientific and technical instruments company’s stock worth $180,938,000 after buying an additional 883,697 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Cognex by 7.8% during the third quarter. Bank of New York Mellon Corp now owns 11,389,529 shares of the scientific and technical instruments company’s stock worth $472,094,000 after buying an additional 826,402 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Cognex by 16.2% during the third quarter. Alliancebernstein L.P. now owns 5,142,704 shares of the scientific and technical instruments company’s stock worth $213,165,000 after buying an additional 717,206 shares during the period. Finally, Disciplined Growth Investors Inc. MN lifted its stake in shares of Cognex by 31.4% during the third quarter. Disciplined Growth Investors Inc. MN now owns 2,333,354 shares of the scientific and technical instruments company’s stock worth $96,718,000 after buying an additional 557,535 shares during the period. 91.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CGNX has been the subject of a number of research reports. Credit Suisse Group upgraded shares of Cognex from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $41.00 to $44.00 in a research report on Thursday, February 23rd. Cowen decreased their target price on shares of Cognex from $50.00 to $48.00 in a research report on Friday, February 17th. Stephens restated an “equal weight” rating and set a $45.00 target price on shares of Cognex in a research report on Tuesday, February 21st. UBS Group boosted their target price on shares of Cognex from $48.00 to $52.00 in a research report on Friday, May 5th. Finally, TheStreet downgraded shares of Cognex from a “b-” rating to a “c” rating in a research report on Friday, May 5th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $50.17.

Cognex Stock Up 1.2 %

CGNX stock opened at $55.63 on Friday. The stock has a market capitalization of $9.60 billion, a P/E ratio of 55.63 and a beta of 1.60. The firm has a 50-day simple moving average of $49.86 and a 200-day simple moving average of $49.96. Cognex Co. has a 52 week low of $40.21 and a 52 week high of $58.12.

Cognex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Stockholders of record on Friday, May 19th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, May 18th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.50%. Cognex’s dividend payout ratio is currently 28.00%.

Insider Transactions at Cognex

In other news, Director Patrick Alias sold 4,375 shares of the business’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $49.53, for a total transaction of $216,693.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.10% of the company’s stock.

Cognex Profile

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Cognex Corp. engages in the provision of machine vision products and solutions. Its products include vision sensors, vision systems, 3D vision systems, barcode readers, barcode verifiers, vision software, and vision tools. Its solutions include alignment, dimensioning, item detection, edge intelligence, logistics barcode reading systems and tunnels, water identification, and tire inspection.